
BACKGROUND
In 2022, Congress passed the Inflation Reduction Act which allocated $27B to the Greenhouse Gas Reduction Fund (GGRF). Administered by the Environmental Protection Agency (EPA), the GGRF was divided into three programs including the $14 billion National Clean Investment Fund (NCIF) and the Clean Communities Investment Accelerator (CCIA). The programs were designed to maximize a one-time government investment through innovative financing that leverages private capital and drives demand for American-made clean energy.
Housed at the Environmental Protection Agency (EPA), eight experienced nonprofit financial institutions were selected through an extensive and robust application process to provide affordable, accessible financing for solar and battery storage, electric mobility, and building efficiency in all 50 states and territories. With decades of experience investing in communities and managing billions in capital, awardees are well-equipped to deliver on their EPA-approved work plans with accountability and transparency.
TIMELINE
- August 2022 - Inflation Reduction Act passed
- December 2022 - U.S. Environmental Protection Agency (EPA) opens first public comment
- April 2023 - EPA releases Greenhouse Gas Reduction Fund program framework
- May 2023 - EPA opens second public comment
- July 2023 - Notice of Funding Opportunity released and 3 programs announced
- Oct 2023 - Applications due
- April 2024 - Awards announced
- August 2024 - Contracts signed and implementation commenced