FACT SHEET Green Banks: Transforming Clean Energy Finance in Maine

The Union of Concerned Scientists proposes that Maine establish a green bank to catalyze private-sector investment in clean energy. An analysis suggests that an initial public capitalization of $14 million could leverage $300 million in total investment over 15 years. This initiative would support 70 MW of new solar and wind capacity, save homes and businesses $33 million annually on electricity bills through efficiency, and reduce carbon dioxide emissions by nearly 176,000 tons by 2031. The document identifies Efficiency Maine, the Finance Authority of Maine, and the Maine Technology Institute as potential hosts for the bank and outlines financial tools such as credit enhancements, warehousing, and direct lending to drive market transformation.

• A Maine green bank with an initial public capitalization of $14 million could leverage $300 million in total investment for renewable energy and energy efficiency projects over a 15-year period.
• By 2031, the proposed green bank investments could result in the deployment of 70 MW of new solar and wind power capacity, which is enough to meet the annual electricity needs of more than 18,400 households.
• The analysis estimates that energy efficiency investments would save homes and businesses $33 million on annual electricity bills by 2031, with total energy efficiency and renewable resources generating or saving 359 GWh annually (3% of Maine's 2015 electricity sales).
• The green bank could help Maine reduce carbon dioxide emissions by nearly 176,000 tons by 2031, which is equivalent to removing 33,600 cars from the road.
• Maine's current solar industry lags behind other states; in 2015, it ranked 43rd for total solar jobs (330 jobs) and 35th in solar jobs per capita.
• The document identifies several potential host institutions for a green bank, including Efficiency Maine, the Finance Authority of Maine, and the Maine Technology Institute.

APA

Union of Concerned Scientists (2016). FACT SHEET Green Banks: Transforming Clean Energy Finance in Maine. https://www.ucsusa.org/sites/default/files/attach/2016/12/maine-clean-energy-finance.pdf

Chicago

Union of Concerned Scientists. FACT SHEET Green Banks: Transforming Clean Energy Finance in Maine. 2016. https://www.ucsusa.org/sites/default/files/attach/2016/12/maine-clean-energy-finance.pdf.

Wikipedia

{{cite report |author=Union of Concerned Scientists |title=FACT SHEET Green Banks: Transforming Clean Energy Finance in Maine |date=December 2016 |url=https://www.ucsusa.org/sites/default/files/attach/2016/12/maine-clean-energy-finance.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{unionofconcernedscientists2016fact, author = {{Union of Concerned Scientists}}, title = {{FACT SHEET Green Banks: Transforming Clean Energy Finance in Maine}}, institution = {Union of Concerned Scientists}, year = {2016}, month = dec, url = {https://www.ucsusa.org/sites/default/files/attach/2016/12/maine-clean-energy-finance.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }