At Mil Cities Community Investments + Foundation for Business Equity, we strongly believe that you should have access to clean energy for a healthier and safer community. Unfortunately, this is not the case for many individuals. In 2020, the American Council for an Energy-Efficient Economy (ACEEE) reported that a disproportionate number of Hispanic, Black, and Native American households face a higher energy burden nationally compared to white households. Additionally, the national average energy burden for low-income households is three times higher than higher income households, as reported by the Department of Energy (DOE). The transition towards clean energy should prioritize the communities that are most adversely affected by climate change, which are often minority and low-income communities.
For Earth Month, we have identified four key areas and curated a list of resources for each to provide guidance and tips to homeowners who are interested in learning more: Energy Efficient Homes, Solar Panels, Electrical Vehicles, and Saving on Energy Bills. Additionally, we invite you explore our Home Improvement, Solar Plus, Lead Removal, and Mass Save® HEAT Loan programs to learn more about how we can support you as well. Happy Earth Month!
Energy Efficient Homes
As defined by Energy Star, “energy efficiency means using less energy to get the same job done – and in the process, cutting energy bills and reducing pollution.” One of the most effective ways for homeowners to reduce their carbon footprint, save money on energy bills, and create a healthier living environment for their families is to install energy-efficient systems and appliances in their homes. This could include measures such as adding more insulation to the house to reduce heat loss, installing heat pumps, or exploring alternative power sources such as solar energy. To assist you in getting started, we have provided some resources below. At MCCI, we offer Home Improvement loans, which include upgrades to inefficient cooling and heating systems, in addition to being a Mass Save® HEAT Loan lender. To learn more, please refer to the resources listed below.
There are many advantages to installing solar panels in your home. By doing so, you can decrease your electricity bills, avoid increasing energy costs, boost your property value, reduce your environmental impact, and qualify for tax benefits and rebates. However, not everyone is familiar with the process of installing solar panels and the available options. For residents of Lawrence, MCCI offers our Solar Plus loan program – a flexible and affordable low-interest loan for owner-occupied homes with fixed monthly payments. If you are interested in learning more about our Solar Plus loan program, click here and check out the resources below.
Resources
Massachusetts Clean Energy Center (MassCEC): Solar Energy
The first electric car (EV) was introduced in America in 1890. While it gained popularity, EVs were quickly overtaken by gas-powered cars which were cheaper to mass-produce. However, there has been a renewed interest in electric cars as gas prices continue to surge and the environmental crisis worsens. Although electric vehicles have been traditionally more expensive, more automobile manufacturers are creating affordable options, and there are many tax and rebate programs available to help people access the environmental and cost benefits of owning an electric car. Check out the resources below to learn more.
Every person and household can benefit from energy-efficient solutions that can reduce their electric bills. The cost of electricity has been increasing at a rate of 2.36% per year for the past 25 years, so it is both economically and environmentally necessary to explore clean energy and energy efficiency options. At MCCI, we offer various options for residential loans that can help reduce energy costs. However, you don’t need to make significant changes to save on your energy bills. We’ve included resources below for tax rebates and programs, as well as simple tips that you can implement to reduce your energy usage. If you want to learn more about what we offer, feel free to reach out to us!
Nectar Community Investments small business client New England Counseling and Wellness PLLC recently closed on its second financing with us, which helped owner Johelly Chalas hire two new therapists and one administrator for her growing business. The first loan supported Johelly as she launched this much-needed bilingual mental health care facility for the Lawrence community. We chatted with Johelly and Small Business Loan Officer Saul Peña about Nectar’s approach to the loan process and its benefits for Johelly and her team.
Saul, can you walk us through Nectar’s loan process?
Saul Peña: After Johelly applied, we had an initial consultation to get a feel for her business and what her current needs were. That’s how we start all our loans. We also do a quick assessment and review documents, such as a balance sheet and a personal financial statement, so we can let the potential client know within a week whether we’re moving forward with the application. If we don’t, we’ll refer the business owner to an ecosystem partner for technical assistance.
If we do move forward with the loan, I like to dig into the details with our client, understand their plans for the financing and how it will help their business. …
Access to capital does not exist on a level playing field. To support underrepresented business owners with patient, longer-term financing capital, Nectar Community Investments launched the innovative Business Equity Investment Fund in 2022. Through the Fund, Nectar invested in and purchased equity in small businesses to support their long-term growth and development. Our investment went beyond dollars: we acted as a strategic partner, offering resources and experience to help entrepreneurs expand while giving them the freedom to run their business the way they wanted.
We’ve completed the initial phase of BEIF, and we were proud to support the Bay State Banner, NXGN Camps, Sweet Grace Heavenly Cakes and QMB Inc. during that period. What we learned through the BEIF will help inform our approach as we continue to innovate and find ways to invest in underrepresented entrepreneurs. To discover how we can support your small business, click here to read about our small business loans. You can also contact us with any questions.
We’re thrilled to share that the Massachusetts Clean Energy Center (MassCEC) has awarded Nectar Community Investments a $50,000 EmPower Implementation grant to increase access to the benefits of clean energy and reduce the energy burden on historically underserved populations across Essex and Middlesex counties. MassCEC funding will support Nectar residential lending activities, including providing financing to low- and moderate-income homeowners for clean energy and energy efficiency upgrades, as well as ongoing community engagement efforts to increase awareness and education of available offerings.
As our Executive Director Glynn Lloyd wrote in this CommonWealth Beacon op-ed, a study from the American Council for an Energy-Efficient Economy shows that low-income households face dramatically higher energy burdens – spending a larger share of their income on energy bills – than the average household. At the same time, programs for energy improvements have largely focused on electrifying or decarbonizing units in larger multifamily buildings rather than on single-family homes, and low-income communities are also vulnerable to predatory lending practices. Nectar offers flexible, innovative financing options that empower homeowners to save money, cut emissions, and ultimately enhance home quality and stability, and we’re grateful to MassCEC for its support and leadership as we continue to pursue this …
