SB 125 is currently in the Senate Finance Committee, and HB 154 is currently in the House Finance Committee.
The legislators in these committees need to hear from you NOW for this critical legislation to take the next step toward becoming law.
To support SB 125:
- Send an email to Senate.Finance.Committee@akleg.gov with “SB 125” in the subject line. Please make sure the email begins by addressing “Co-Chairs Stedman, Hoffman, Olson, and Members of the Senate Finance Committee.”
To support HB 154:
- Send an email to House.Finance@akleg.gov with “HB 154” in the subject line. Please make sure the email begins by addressing “Co-Chairs Edgmon, Foster, Johnson and Members of the House Finance Committee.”
There are several reasons to support this critical policy. Make sure to highlight the ones that are most important to you when writing to these committees.
On Wednesday, April 5th, 2023, Governor Mike Dunleavy introduced legislation to establish a green bank within the Alaska Housing Finance Corporation (AHFC).
Senate Bill 125 and House Bill 154 would create a nonprofit subsidiary dubbed the “Alaska Energy Independence Fund” tasked with providing financing for sustainable energy projects across the state of Alaska. Examples of sustainable energy development projects include renewable energy generation, energy storage, energy efficiency improvements for commercial and residential buildings, electrical infrastructure projects, clean transportation, and other greenhouse gas emissions reduction, energy efficiency, and zero-emission technology projects.
The Senate bill has only one committee referral, which is a great sign that our legislators want to pass this important legislation this year. “Alaska has the resources, creativity and ability to achieve energy independence that will fuel a growing economy,” said Governor Dunleavy. “This is a priority for my second term as your governor, and a priority for Alaskans across our state. I am ready to work with all legislators to secure its swift passage.”
REAP has been working on this concept for more than six years, and the introduction of this legislation comes at a time when an unprecedented $27 Billion in funding for state green banks is available from the federal green bank, called the Greenhouse Gas Reduction Fund.
An Alaskan state Green Bank would provide affordable financing for consumers who want to make their homes and businesses more energy efficient and comfortable places to live and work. It would also help accelerate the development of rooftop solar to reduce the state’s dangerous reliance on natural gas for electric generation.
Our legislators need to hear from you in order to prioritize the passage of this important legislation. Reach out to REAP’s Outreach Director, Donovan Russoniello, if you’d like to write a letter or email of support to the relevant committees!
What is a Green Bank?
A green bank is an entity that accelerates the deployment of clean energy using limited public dollars to attract private capital investment in clean energy projects.
What would the Alaska Energy Independence Fund do?
- Stimulate much-needed investment in energy efficiency and renewable energy.
- Lower the energy burden on businesses and families.
- Enable businesses to be more competitive and strengthen their bottom lines.
- Help families conserve money for other pressing needs, like rent, food, and medical expenses.
- Increase capital investment and jobs.
- Help private lenders make these needed investments, putting good loans on their balance sheets at a time when loan growth is particularly slow.
In short – it’s a win for struggling families and businesses, a win for local lenders, and a win for clean energy in Alaska.
Want to learn more about green banks? Listen to our Energy Speaker Series webinar on the topic.