The Biden administration is making available $20 billion from a federal “green bank” for clean energy projects such as residential heat pumps, electric vehicle charging stations and community cooling centers.
Vice President Kamala Harris, Environmental Protection Agency Administrator Michael Regan and other officials will announce the grant competitions Friday at a historically black university in Baltimore.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
“These communities have been left behind in this transition, and it’s going to be a strong signal to the market for us to pull private capital off the sidelines'' in urban and neglected areas, Regan told The Associated Press in an interview. Grants from the National Clean Investment Fund will enable individuals, families, nonprofits, state and local governments and small businesses to access needed capital to deploy a range of clean-energy projects for homes, businesses and communities, the EPA said. The projects will reduce air and water pollution while creating jobs and lowering energy costs, officials said.
The green bank — modeled after similar banks established in states such as Connecticut, New York and California — is expected to unlock billions of dollars in private investment, Regan and other officials said.
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