The Clinton Global Initiative America, along with Demeter Power Group, have rolled out the first market-based, set-cost funding initiative for PV and renewable technologies.
The CGI Commitment to Action’s Feed-Out Program will help distribute more energy to the US power grid through funding a variety of different projects and programs going forward.
Michael Wallander, founder and president of Demeter Power Group, said: "The Feed-Out Program will bring together independent power producers and financiers to enable the lowest-cost, fixed-price offering for renewable energy. But unlike other similar 'feed-in-tariff' programs, the energy will be used on the customer-side of the meter."
The Feed-Out Program will also allow for cost-efficient investment in energy storage, fuel cells and electric-car charging facilities.
Yann Brandt, co-founder and EVP of development for Demeter Power Group, said: "What retail tenant or business owner would not want to save money on their energy bills while offering customers and employees the ability to shade their cars and power up with solar energy? We enable funding for solar-powered carports with electric vehicle charging stations at a net-negative cost to the customer."
One trillion US dollars a year – a lump sum of US$36 trillion – is needed for funding in renewable energy infrastructure in order to successfully cut greenhouse gas emissions in the US by 50% by 2050.
The Feed-Out Program will benefit properties in Northern California that are taking part in the California FIRST property assessed clean energy (PACE) program by making financing available to these specific estates.