Montgomery County is encouraging businesses to be sustainable through a project that’s the first of its kind.
The county is the first jurisdiction to create its own green bank.
It will provide financing for energy efficient and energy renewable projects. The bank will give loans and credit enhancements for businesses looking to invest in clean energy.
The project’s most recent development was the selection of its board of directors.
The county’s PACE program has a similar function and will become part of the green bank eventually.
“Those are the types of programs that we can now move into the green bank. [We are] real pleased that they are now poised to move forward with dollars behind them,” said Montgomery County Council President Roger Berliner.
The green bank’s initial funding of $20 million will come from Pepco-Exelon as part of the settlement of their merger.