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The Community Reinvestment Act Should Include Renewable Energy Investment

05 Aug 2022

In comments submitted to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, the American Council on Renewable Energy (ACORE) is recommending renewable energy investment be included as a qualifying activity under the Community Reinvestment Act (CRA).

"Clarifying that the CRA includes renewable energy investment will help create a more equitable energy system by sending a strong signal to America's banking institutions to invest in renewable projects located in low- and moderate-income (LMI) communities," said ACORE President and CEO Gregory Wetstone. "In addition to the clear climate and health benefits, renewable energy provides significant tax revenue for communities, creates good-paying local jobs, reduces exposure to power outages, and lowers the cost of household electricity bills."

ACORE is also recommending an expanded definition of "Public Welfare Investment" to include all investments in renewable energy tax credits. To download a copy of ACORE's submitted comments, click here.