Like the majority of people, Nicole Burford sometimes feels weighed down by the challenges presented by climate change. But as someone who’s long been passionate about environmental protection and sustainability, Nicole has found a way to keep her chin up.
“When we think about what we can control as an individual,” she said, “we can make sure our money aligns with our values, and we can control many of the things in our homes. People have more power than they think.”
Nicole puts those beliefs into practice each and every day at Clean Energy Credit Union, where she’s the vice president of market development and sustainability. Clean Energy Credit Union is a fully online credit union based out of Colorado that was founded by a group of self-proclaimed clean energy geeks in 2017 to fill a gap in the marketplace; while clean energy technologies were expanding, they felt it was too difficult for most people to find affordable financing to take advantage of those emerging green opportunities. In other words, the credit union’s founders wanted to help make it easier for everyone to participate in the clean energy movement.
The member-owned cooperative deployed its first loan in 2018. Since then, Clean Energy Credit Union has financed over $250 million in green projects, offsetting nearly a million pounds of carbon dioxide in the process. While each and every one of those loan dollars funds clean energy or energy-efficiency projects, Clean Energy Credit Union’s definition of “clean energy” has evolved over time.
While a large portion of Clean Energy Credit Union’s portfolio is solar financing, they’ve evolved their financing solutions to help remove obstacles that might prevent homeowners from going solar. This includes incorporating costs like tree removal and new roofing into the solar loan itself, reducing the need for borrowers to take out multiple loans. “Clean energy shouldn’t have to be a luxury,” Nicole said. “We don’t want people to have to take out multiple loans or drain their bank account to have solar on their house. Our goal really is to help people do this more effectively and to make clean energy accessible to more individuals throughout the country.”
Clean Energy Credit Union also offers green home improvement loans. Today, U.S. homes make up approximately 21% of the total energy usage in the country. Therefore, according to Nicole, home improvement loans stand to both reduce energy consumption and increase homeowners’ savings. That’s why the credit union deploys fixed-rate loans ranging from $1,000 to $50,000 for projects like energy efficient water heaters and appliances, air-source heat pumps, LED lighting, weatherproofing installation, battery systems, and much more. Clean Energy Credit Union also has a robust geothermal heat pump system loan program, which helps borrowers to make their homes more energy efficient while swapping their fluctuating energy bill for a lower, fixed loan payment instead.
Beyond residential clean energy loans, Clean Energy Credit Union also offers electric vehicle (EV) and plug-in hybrid vehicle loans, as well as electric bicycle (e-bike) loans. According to Nicole, the latter came about thanks to feedback from members, and partners.
Mission Aligned Membership
When Nicole refers to Clean Energy Credit Union’s “partners,” she’s not only talking about service providers and clean energy installers, but she’s also talking about the credit union’s 23 field of membership partners. Clean Energy Credit Union is unique in the sense that unlike how many other credit unions memberships are tied to specific guilds, employers, or geography, Clean Energy Credit Union’s field of membership includes a variety of mission-aligned organizations focused on clean energy, environmental protection, and diversity. Therefore, members of any of those 23 organizations are eligible to join the credit union. Those field of membership partners include groups like Solar United Neighbors, American Solar Energy Society, and EVHybridNoire. “We’re very fortunate that there are a lot of like-minded individuals and organizations that believe in what we’re doing and want to be a part of it,” said Nicole.
In support of their work making clean energy more accessible, Clean Energy Credit Union recently became a CNote Climate Cash™ partner. Climate Cash™ is the industry’s first 100% Carbon Positive deposit solution, enabling corporations to enjoy FDIC or NCUA insurance and competitive returns while contributing to carbon-reduction lending activities. Climate Cash™ enables corporations to deploy cash in the form of deposits into a network of mission-driven banks and credit unions like Clean Energy Credit Union to combat climate change. Importantly, participating corporations can monitor, administer, and report their Climate Cash™ through a single interface.
Looking to the future, Nicole says that Clean Energy Credit Union wants to continue to remain at the forefront of green financing and to expand its loan offerings. For example, one new loan program that the credit union is investing in is called Clean Energy for All, which aims to increase access to affordable clean energy loans for Black, Indigenous, and other People of Color (BIPOC), as well as for low-income individuals and those who have faced credit challenges, systemic racism, economic injustice, and/or other forms of injustice. Specifically, the loan program offers borrowers a 0.50%+ rate discount on all of the credit union’s loan types.
Since its launch, Clean Energy Credit Union has deployed $1.2 million through its Clean Energy for All loan program: a number that Nicole and her team plan to grow, whether that be through grant dollars, deposits, or another way, with the help of the credit union’s partners. She’s also hopeful that one day, the credit union can work with its partners to increase the rate discount . “We recognize that 50 basis points isn’t going to be what makes someone able to afford solar, but it’s a step in the right direction” she said. “We’ve gotten the program off the ground, and now it’s time for us to expand it, to get more organizations involved, and hopefully to make a bigger impact in these communities that really want to invest in clean energy, but struggle to do so.”
As new challenges arise in the climate landscape and more consumers embrace the green economy, Clean Energy Credit Union will continue to be a steadfast partner. Their work in making solar installations, energy-efficient home upgrades, and EV and bike loans affordable is not just incremental progress but a sustainable approach to chipping away at the larger problem. We try really hard to keep up with what is going on in the industry and to listen to our members,” Nicole says. “People might not feel like they’re making that big of a difference, but collectively, our loan dollars are having a huge impact on the environment.”
Learn More:
- Climate Cash™ is the industry’s first 100% Carbon Positive deposit solution, enabling corporations to enjoy FDIC or NCUA insurance and competitive returns while contributing to carbon-reduction lending activities.
- Clean Energy Credit Union is a federally chartered, low-income designated, not-for-profit financial cooperative that provides affordable loans for solar energy systems, electric vehicles, and other clean energy technologies, helping members across the U.S. finance their transition to renewable energy.
