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The paper argues that well-designed on-bill financing programs remove financial barriers for low- and moderate-income (LMI) households by eliminating upfront costs and using utility payment history instead of credit scores for underwriting. It highlights that tying financing obligations to the utility meter rather than the individual allows renters and subsequent homeowners to benefit from upgrades, solving the 'split incentive' problem. The author presents two case studies: the Hawaii Green Energy Money Saver (GEM$) program, which focuses on solar PV and energy efficiency, and the Orcas Power and Light Cooperative (OPALCO) Switch It Up! program, which emphasizes beneficial electrification. Both programs report zero defaults in their first year of operation, demonstrating the viability of alternative underwriting and the use of loan loss reserves to manage risk.

The Joint Benefits Authority (JBA) is a proposed governance and finance model based on the Joint Powers Authority (JPA) structure. It aims to overcome the challenges of siloed city departments and tight budgets by pooling resources and using advanced capital planning to deliver multi-purpose, nature-based infrastructure. The JBA focuses on capturing co-benefits, pioneering creative municipal financing, and advancing social equity by prioritizing underserved neighborhoods. The concept is currently being piloted in San Francisco through a partnership between the World Resources Institute, Encourage Capital, the Liquid Assets Project, and the San Francisco Public Utility Commission, with funding from the Kresge Foundation, Spring Point Partners, and the Moore Foundation.