COLLEGE PARK, Md. – The Maryland Clean Energy Center (MCEC) announced the launch of a Strategic Revolving Fund (SRF) to accelerate the deployment of solar to generate energy in a cost-effective manner with savings passed on to low-to-moderate income households across Maryland. The Maryland Energy Administration (MEA), through the Strategic Energy Investment Fund (SEIF), has committed $5 million to MCEC to fund the SRF. Using these resources, MCEC is providing a $4.5 million revolving line of credit for Enterprise Community Development to support development of solar photovoltaic (PV) and storage projects that help residents of affordable multifamily housing properties through a reduction in energy bills and increase in community services.
The revolving line of credit is designed to address early-stage financing gaps that can delay clean energy projects at affordable housing properties. Eligible uses include early stage and installation-related costs such as engineering and design, interconnection and commissioning, and procurement and construction. As funds are repaid, the capital will be recycled into additional projects, creating a self-sustaining financing tool that supports continued solar deployment and energy affordability.
Projected Five-Year Impact:
- Total Capacity: Approximately 9.22 megawatts (MW) of onsite solar
- Property Scope: 62 affordable housing properties across Maryland
- Annual Production: Approximately 10,604 megawatt-hours (MWh)
- Community Reach: Serving 6,106 low- and moderate-income households
“Investment in the Strategic Revolving Fund promotes access to long-term energy savings for those Marylanders who need it most,” said Maryland Energy Administration Director Kelly Speakes-Backman. “Working with a closely trusted partner, we are leveraging state resources to maximize their impact, lowering costs and carbon emissions at the same time.”
“This Strategic Revolving Fund allows Maryland to pair financial programs with measurable, community-centered outcomes,” added Katherine Magruder, Executive Director of the Maryland Clean Energy Center. “By financing critical early costs and recycling capital as projects repay, we can accelerate deployment at scale and help reduce energy burdens for thousands of Maryland residents. This is a practical approach to expanding clean energy access in affordable housing.”
The MEA-SRF is expected to advance project development and implementation through the SRF over the next five years, with ongoing monitoring and reporting to ensure accountability and measurable results.
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