(August 28, 2023) – JOHNSTOWN, PA – The Metropolitan Edison/Pennsylvania Electric Company Sustainable Energy Fund (Met-Ed/Penelec Sustainable Energy Fund) announced today that a new funding opportunity is available to nonprofit and for-profit organizations. Effective immediately, the fund will offer program-related investments (PRIs) to organizations within the Met-Ed and Penelec territories in Pennsylvania.
The Met-Ed/Penelec Sustainable Energy Fund, developed to provide funding for sustainable energy-efficiency and clean energy technology development, will offer PRIs typically ranging from $50,000 to $100,000 to projects that fulfill the mission of the fund. Program-related investments are low-interest loans, which provide capital that must be paid back. Loans will be offered at 4-6 percent interest with a maximum 10-year payback period. The final interest rate, loan term, and loan amount will be determined by the fund’s advisory committee in partnership with professional loan advisors at JARI Growth Fund, a certified Community Development Financial Institution (CDFI).
“The committee wanted to create a bigger impact than ever before with this funding,” says Davitt Woodwell, chair of the advisory committee for the Met-Ed/Penelec Sustainable Energy Fund and president of the Pennsylvania Environmental Council. “By offering larger pools of funding, we can drive sustainable energy solutions that will leave a positive impact on our communities. And by offering loans, we can use the money that is paid back for more projects in the future. We are excited to see the outcomes of the projects.”
With increased funding currently available for these types of projects from various sources, such as the federal and state government, this PRI opportunity will continue to move the needle on developing sustainable and renewable energy programs and clean-air technologies as the Met-Ed/Penelec Sustainable Energy Fund has since its inception.
Learn about the application process and criteria at https://bccf.org/met-ed-penelec-sustainable-energy-fund-loan-opportunity/.
The Met-Ed/Penelec Sustainable Energy Fund is administered by Berks County Community Foundation and the Community Foundation for the Alleghenies respectively. For further information, contact one of the following staff members whose location is closer to your organization and/or project:
Angie Berzonski, Community Foundation for the Alleghenies, Johnstown, Pa.: firstname.lastname@example.org, 814.315.2982
Emily Smedley, Berks County Community Foundation, Reading, Pa.: email@example.com, 610.685.2223
The Metropolitan Edison Company Sustainable Energy Fund of Berks County Community Foundation and the Pennsylvania Electric Company Sustainable Energy Fund of the Community Foundation for the Alleghenies distribute funding for a variety of projects within the territories originally served by the two electric companies. The two funds share an advisory committee and are known in the singular as the Met-Ed/Penelec Sustainable Energy Fund. More information available here: https://bccf.org/funds/sustainable-energy-fund/.
Community Foundation for the Alleghenies (CFA) is a public, nonprofit foundation that manages funds to strengthen communities in Bedford, Cambria, Indiana, and Somerset counties. CFA empowers individuals to become philanthropists, donors to make meaningful change, and caring citizens to design a legacy. For more information, visit www.cfalleghenies.org.
Berks County Community Foundation is a nonprofit corporation serving as a civic leader for the region by developing, managing, and distributing charitable funds to improve the quality of life in Berks County, PA. More information is available at www.bccf.org.
Formed in 2016, the JARI Growth Fund (JGF) is a certified CDFI (Community Development Financial Institution) and equal opportunity lender which supports low-to-moderate income individuals, minorities, woman-owned entities, and people with disabilities throughout the Southern Alleghenies region. JGF provides capital encouraging a diverse economy, building vibrant communities, enhancing the quality of life for residents of the region, improving housing, and addresses the needs of unserved, underserved, and minority communities throughout the region. More information is available at https://www.jari.com/.