San Francisco, February 21, 2023 — RE-volv, a national nonprofit solar provider, closed a $3M investment from The Kresge Foundation and the Schmidt Family Foundation. This Program Related Investment (PRI) finances solar installations for nonprofits in underserved communities; it builds on a Department of Energy contract to bring solar to BIPOC-led houses of worship and accelerate equitable solar adoption.
"To date, the benefits of clean energy have eluded so many, especially in low-income communities and communities of color, due to a lack of financing options available. This historic investment demonstrates that now is the time to deploy capital in clean energy projects that benefit frontline communities and vulnerable populations," said Andreas Karelas, Executive Director of RE-volv.
RE-volv's zero-down solar financing allows community-serving organizations to switch to solar with no upfront costs. Participating organizations achieve immediate electricity savings of at least 15%, often higher.
"Climate change overburdens people of color and low-wealth communities, which are more likely to face power affordability issues, experience intermittent power loss, and live adjacent to polluting energy sources that impact health. Financing a just transition to clean energy is imperative for the health and well-being of all communities," said Joe Evans of The Kresge Foundation.
Research shows Black- and Hispanic-majority census tracts have installed significantly less rooftop solar than other tracts, even accounting for wealth disparity. This investment catalyzes expanded equitable solar adoption for communities most needing lower energy bills, jobs, improved air quality, and climate resilience.
"We're thrilled that RE-volv will be using new mapping tools developed in partnership with the National Renewable Energy Laboratory to identify the areas and communities in which solar projects will have the most meaningful and measurable positive impact," said Jamie Dean of 11th Hour Project.
The Inflation Reduction Act now enables nonprofits to leverage the solar Investment Tax Credit, removing a major adoption barrier. In January 2022, RE-volv joined the Solar Energy Innovation Network and received a multi-year National Renewable Energy Laboratory contract to help BIPOC-led houses of worship go solar, partnering with Interfaith Power & Light and Green The Church.
About The Kresge Foundation
Founded in 1924, Kresge builds pathways to opportunity for low-income Americans, dismantling structural and systemic barriers to equality and justice. The foundation invests more than $160 million annually.
About Schmidt Family Foundation
Established in 2006 by Eric and Wendy Schmidt, the foundation works to restore balanced people-planet relationships globally through renewable energy, resilient food systems, healthy oceans, and human rights protection via two programs: 11th Hour Project and Schmidt Marine Technology Partners.