The non-profit Solar and Energy Loan Fund (SELF) is excited to announce its first Community Reinvestment Act (CRA) loan from PNC Bank for $300,000. SELF helps homeowners and business owners save money on their energy bills, make much-needed improvements, and enhance the comfort of their homes and businesses.
Since 2011, SELF has financed more than $2 million of home energy retrofits throughout the Treasure Coast region. The typical loan size is approximately $8,000, and participants have reduced their energy consumption by an average of 23 percent per household. SELF will use the PNC Bank loan to finance home energy retrofit projects, with a focus on low and moderate income households.
PNC Bank has supported SELF since its inception in 2009 when the St. Lucie Board of County Commissioners first conceptualized the idea of creating a local clean energy financing program. PNC Bank submitted a letter of interest to help the county secure a highly-competitive $2.94 million grant from the United States Department of Energy and subsequently served on SELF’s Board of Directors and provided a capacity building grant to the organization.
Aileen Pruitt, Florida market manager of PNC Bank said, “Cutting energy consumption in the home is important to the future of this region.” She added, “PNC Bank appreciates SELF’s three-year track record of successfully assisting working class families adopt cost-effective energy solutions.”
Duanne Andrade, SELF’s Chief Financial Officer said, “The organization has now raised a total of $885,000 of new loan capital from non-governmental sources all across the country, and PNC is the first bank to seize the opportunity to contribute toward our mission-driven community development activities while also doing good business.”
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC (www.pnc.com) is one of the United States’ largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.