MCEC Green Bank Study Released

Monday, December 1, 2014
MCEC Green Bank Study Released

“Blueprint for Building the Energy Economy in Maryland: Green Bank Preliminary Findings Report” Released

A report evaluating the need to expand green bank or clean energy financing capability for Maryland consumers was released today by the Maryland Clean Energy Center. Prepared by the CADMUS Group and funded by the Town Creek Foundation,
this effort was undertaken as directed in SB 985, legislation passed by the General Assembly during the 2014 session.

The legislation called for MCEC; working in collaboration with the Maryland Energy Administration and the Coalition for Green Capital; to study the need for a green bank or clean bank financing initiative in the State and to analyze aspects of potential implementation and related funding.  Stakeholders representing consumer, utility, business owner, municipal government, contractor, and banking industry interests were assembled from across the state to inform the study process.

Executed in two parts, this Phase I analysis:

  • reviewed the structure and organization of green banks and clean bank financing initiatives established in other states; 
  • reviewed the financial services provided by existing green banks and clean energy financing initiatives in Maryland as well as the impact of existing Maryland financial programs on the renewable and energy conservation industries; and
  • examined the method of capitalization of established green banks in addition to the sources, type, and amount of private capital leveraged or invested with consideration for the specific gaps in current related financing initiatives;
  • Having now concluded that there are addressable gaps in the market, and that Maryland consumers could benefit from centralized efforts specifically focused on leveraging private sector capital to accomplish public sector goals, MCEC will being working on the second phase of the process by building recommendations as to:
  • the scope of a proposed green bank or clean bank financing initiative, including target industries and financing capabilities;
  • the possible sources of capital for a green bank or clean bank financing initiative; 
  • the best method for establishing a green bank or clean bank financing initiative in the State.

Executive Director, I. Katherine Magruder said work will continue on the initiative in the new year. “We look forward to working with the Hogan Administration, and members of the General Assembly as well as the various constituent stakeholders listed above to identify the optimal path forward for increased investment in efficient, affordable, reliable and clean energy solutions for the citizens of Maryland.”

See MCEC Green Bank Study Report.

For more information, or to share your interest in the effort, I hope you will contact me directly by phone on 443-949-8505 or by email at ikm@mdcleanenergy.org.