The Nature Conservancy and Partners Release Clean Energy Report
Two New Reports on Clean Energy Find Pennsylvania Has a Market Potential of $9 Billion in Clean Energy Projects
Harrisburg, Pennsylvania | August 03, 2017
Two new reports released today find that Pennsylvania has largely untapped market potential of $9 billion in economically viable distributed clean energy projects. The reports show that these opportunities could be unlocked by developing and offering turnkey financing products through the establishment of an Energy Investment Partnership, a new entity that would work to build and market loan products designed to address the needs of today’s clean energy technology markets in Pennsylvania.
The Nature Conservancy (TNC) sponsored the research and investigation that resulted in the Pennsylvania Clean Energy Market and Pennsylvania Energy Investment Partnership reports, authored by the Coalition for Green Capital (CGC). CGC conducted research and interviewed nearly 40 Pennsylvania clean energy stakeholders over the course of the last year.
“These reports illustrate the tremendous potential for economically viable clean energy in Pennsylvania and highlight some of the market barriers that inhibit increased market activity and private investment in clean energy,” said Nick Kline, program director for the Coalition for Green Capital, and lead author of the report.
“Pennsylvania's citizens and businesses can save money by adopting renewable and efficient energy technologies. We believe there are a range of finance and market development solutions that can help Pennsylvania begin to penetrate this enormous market potential,” Kline said.
The Pennsylvania Clean Energy Market report finds that rooftop solar and energy efficiency are among the most promising opportunities for Pennsylvania, the value of these markets is conservatively estimated at up to $2.9 billion for rooftop solar and $2.7 billion for building energy efficiency based on the value of projects that, if installed today, could save consumers money.
The report details challenges currently facing the clean energy market in Pennsylvania including: constrained and disaggregated sources of capital for clean energy projects, information gaps and limited participation in programs, and few financial products that are purpose-built for a single market segment.
The Pennsylvania Energy Investment Partnership Report suggests solutions to address these issues through non-policy pathways that could establish an Energy Investment Partnership (EIP), also known as a Green Bank, in Pennsylvania. This entity would be responsible for focusing resources, engaging in partnerships, and attracting private investment to deploy turn-key loan products designed for today’s clean-energy opportunities and address other market-focused needs for Pennsylvania.
“By deploying energy conservation and the right mix of clean energy technologies, we can help protect our land and water,” said Bill Kunze, Pennsylvania executive director for The Nature Conservancy.
“The Pennsylvania Clean Energy Market and Energy Investment Partnership reports are an important first step toward the identification of market-based pathways to help realize the Commonwealth's clean energy potential.”
The Pennsylvania Chapter of The Nature Conservancy (TNC) began working with the CGC in 2016 to produce the clean energy market report and investigate possible financing solutions in Pennsylvania.
The Coalition for Green Capital is the leading expert on Energy Investment Partnership and Green Bank formation. Over nearly a decade, CGC has worked with over 15 states and with multiple national governments and NGOs to help them understand and implement new public-private financing solutions in their markets. CGC has created or worked with institutions that have spurred nearly $2 billion of total clean energy investment.
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world's toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.