Developing renewable energy in Nevada lowers energy costs, creates good jobs, and protects our health. Because not everyone has the resources to invest in clean energy, Nevada needs creative financing methods to give low-income families, businesses, groups of neighbors, churches, or other community organizations access to renewables.

Senate Bill 407, sponsored by Senator Pat Spearman of Las Vegas, would use public money to establish “Green Banks,” which maximize private investment and lower the costs of clean energy to spark consumer demand.

Green Bank financing deploys clean energy solutions that can lower energy bills for consumers and businesses with no upfront cost. Projects financed through a Green Bank will boost our state’s clean energy economy. Members of the RenewNV partnership applauded the bill.

“It is a myth that low-income communities are not interested in clean energy. The fact is, often these communities are unable to access funding for clean energy technology,” said Sydni Sayles, president of the Las Vegas Urban League Young Professionals. “Green Banks in Nevada will level the playing field and allow everyone in our community to access clean energy. People will save money and we will save our planet. That’s why the Urban League Young Professionals supports this initiative and looks forward to its implementation. We advocate for those who may not have a voice and a choice.”

“Clean Energy Project applauds Senator Spearman for bringing forward SB 407 to continue creating opportunities for all Nevadans to access clean energy technologies,” said Jennifer Taylor, executive director of Clean Energy Project. “Green Banks provide low cost financing to clean energy projects through public-private partnerships and unlock capital to allow renewable energy and energy efficiency investments for Nevadans who might not otherwise have access to these cost-saving technologies. Spurring investments in clean energy improvements at more homes, businesses, churches and other facilities saves energy costs and grows jobs for clean energy workers. This is a win-win bringing additional investment in Nevada and more money spent in our local economy.”

“Clean energy technology is available now, but without financing it can be difficult for low-income and communities of color to access that technology. However, the Green Banks program provides innovative financing to our communities for clean energy projects,” said Rudy Zamora, director of Chispa Nevada, a program of the League of Conservation Voters. “This legislation addresses that issue of access.”

RenewNV is a partnership of organizations working to build and enhance Nevada’s clean energy economy. Renewable energy means reliable power, clean air, and good jobs for Nevada, and smart energy policies that can make the Silver State an economic powerhouse. RenewNV supports policies that will expand our use and export of renewable energy, increase opportunities for energy efficiency and ensure that all Nevadans have access to the new energy economy.