A blend of investment and grant funding will enable RE-volv to finance clean energy projects for nonprofits in communities nationwide with a focus on advancing racial and social equity, community engagement, and storytelling.
San Francisco, California – August 27, 2024 — RE-volv, a climate and energy justice nonprofit providing solar financing to fellow nonprofits, secured $4 million to advance their mission of accelerating community-based solar adoption. The funding will scale RE-volv's efforts to finance nonprofit solar projects, emphasizing historically excluded low-income communities and communities of color, while raising awareness about clean energy benefits.
The funding comprises two components: a $3.2 million investment from Candide Group's Afterglow Climate Justice Fund (debt financing) and an $800,000 grant from Invest in Our Future.
The investment enables RE-volv to offer zero-down solar financing products including loans, leases, and Power Purchase Agreements to nonprofits nationwide. The grant supports operational scaling, community engagement, workforce development, and storytelling initiatives.
"This is a historic day for RE-volv, the communities we serve, and the climate. We are incredibly grateful for the support from Candide and Invest in Our Future," said Andreas Karelas, founder and Executive Director of RE-volv.
The U.S. has approximately 1.5 million nonprofits that could achieve 15+% electricity bill savings through solar adoption. However, significant barriers exist including creditworthiness challenges, small project sizes, and lengthy sales cycles. The Inflation Reduction Act removes the ITC monetization barrier through a "Direct Pay" provision, allowing nonprofits to receive direct U.S. Treasury payments instead of solar tax credits.
"Afterglow is excited to see RE-volv continue supporting nonprofits in delivering outsized impact," said Neal Parikh, Co-Managing Director of Afterglow.
"Ensuring that solar developers like RE-volv have the capacity to work with and for communities is critical to equitable IRA implementation," said Coral Abbott, Program Manager with Invest in Our Future.
In 2022, RE-volv partnered with Interfaith Power & Light and Green the Church to bring solar to BIPOC-led houses of worship, supported through the Department of Energy's Solar Energy Innovation Network. The Watts-Willowbrook Church of Christ — a predominantly Black congregation in Compton, California — installed a 12-kW solar system with Candide and Invest in Our Future funding. Since its June celebration, the church received an environmental leadership award from the Compton Mayor, inspired five additional congregations to consider solar, launched ongoing community resiliency workshops, and representatives spoke at a White House faith leader convening.
Research from Lawrence Berkeley Lab demonstrates that non-residential solar installations can inspire up to 80 homes in surrounding communities to adopt solar over five years.