The Community Reinvestment Act Should Include Renewable Energy Investment

ACORE Proposes Changes to the CRA to Enhance Energy Equity

WASHINGTON, D.C. – In comments submitted today to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, the American Council on Renewable Energy (ACORE) is recommending renewable energy investment be included as a qualifying activity under the Community Reinvestment Act (CRA).

“Clarifying that the CRA includes renewable energy investment will help create a more equitable energy system by sending a strong signal to America’s banking institutions to invest in renewable projects located in low- and moderate-income (LMI) communities,” said ACORE President and CEO Gregory Wetstone. “In addition to the clear climate and health benefits, renewable energy provides significant tax revenue for communities, creates good-paying local jobs, reduces exposure to power outages, and lowers the cost of household electricity bills.”

ACORE is also recommending an expanded definition of “Public Welfare Investment” to include all investments in renewable energy tax credits. To download a copy of ACORE’s submitted comments, click here.

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About ACORE:
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contact:

Alex Hobson
Vice President of Communications
American Council on Renewable Energy
hobson@acore.org | 202.777.7584 (o) | 202.594.0706 (c)