Fintech Company OneEthos Partners with Montgomery County Green Bank to Bring Affordable Consumer Solar Funding to Maryland

OneEthos, the leading Fintech Platform for mission-driven financial institutions, and Montgomery County Green Bank, have announced a strategic partnership which will provide affordable solar to homeowners in Montgomery County, Maryland through an exclusive one-year pilot program beginning November 2024. 

Under this program, Montgomery County Green Bank, which serves a population of over 1.1 million people in the County, will offer loan subsidies that provide homeowners with discounted solar loans with rates ranging from 0% for low-income households, to 4.99% for all other residents. The program also allows homeowners to include battery storage and roof replacement in their loan if needed as part of the solar installation. Following a successful one-year pilot phase, the partnership plans to extend to incorporate additional energy efficiency loans. 

In the first year, the Montgomery County project is estimated to provide $5,000,000 of consumer loans, with roughly 50% of transactions occurring in Equity Emphasis Areas. Anticipated energy savings will total 1,800,000 kWh and 61,437 therms annually, as well as 1,272.6 MT CO2 emissions mitigated per year. The annual dollar savings are expected to amount to $234,000 for Montgomery County residents.

“This partnership is the foundation and the heart of all that OneEthos stands for in our mission for ethical lending,” said Marcio deOliveira, CEO and Founder of OneEthos. “To have the ability to reduce the cost of solar for Montgomery County residents, specifically for those in disadvantaged communities, resulting in more than a 20% savings from their existing energy bill, offers a tremendous opportunity. We look forward to a strong alliance with Montgomery County Green Bank and believe it is just the beginning for the state of Maryland, as well as the impact and change we can create for the rest of the country.” 

Through its proprietary technology, the OneEthos solar lending platform allows local solar installers to offer customers a unique experience with real-time loan decisions provided 24 hours a day, within 30 seconds or less. The loans are facilitated through OneEthos affiliate Climate First Bank, their banking partner and a successful client of the company. Moving forward, OneEthos intends to make these loans available for sale to community banks, credit unions, and Community Development Financial Institutions (CDFIs) in the Maryland, Washington, DC and Virginia areas that are interested in growing their green loan portfolio.

“We are thrilled to launch this new partnership with OneEthos through Climate First Bank,” says Stephen Morel, CEO of Montgomery County Green Bank. “The collaboration enables us to continue to deepen equitable access to renewable energy programs for low- and moderate-income homeowners with a very strong partner. It brings us closer to our vision of a prospering, sustainable, and healthy Montgomery County, where everyone can participate in and benefit from clean energy and climate-resilient solutions.”

Lisa Walsh, Senior Commercial Solar Developer of Solar Energy Services, Inc. (SES), further added, “As a long-time commercial and residential installer of solar systems in the MD/DC metro area, SES is excited to welcome an established solar financing platform via OneEthos and Climate First Bank. SES has partnered with Montgomery County Green Bank and county business owners to solarize several buildings in Montgomery County, so we know first-hand the value of having a trusted, community-first bank whose mission focuses on bringing affordable solar, and energy efficiency upgrades, to residences and businesses who may be looking to make the switch to solar for the very first time.”

OneEthos | www.oneethos.com

Climate First Bank | www.climatefirstbank.com

Montgomery County Green Bank | www.mcgreenbank.org