Clean Energy Credit Union Raises Start-up Funding
First-Ever Clean Energy Credit Union Raises Critical Start-up Funding startup
The nation’s first-ever Clean Energy Credit Union (CECU) announced that it has received critical startup funding from E4TheFuture, a nonprofit dedicated to the development and distribution of clean energy.
CECU joins a large and growing list of US credit unions in the United States, that provide unique services to some 100 million members, comprising 43.7% of the economically active population, according to the Washington Post in 2014. As important as their size, is that their customers are most often government and other service workers. The largest American credit union, the Navy Federal Credit Union, serves U.S. Department of Defense employees, contractors, and families of service people, with over $75 billion USD in assets and over 6.1 million members. Total credit union assets in the U.S. reached $1 trillion in March 2012.
E4TheFuture President Steve Cowell said, "This award is an investment in the future of energy efficiency as well as other distributed energy resources such as wind and solar power. We are supporting this organization because we believe it will help remove barriers to widespread adoption to clean energy and energy efficiency. We are collaborating to bring benefits to a broad spectrum of Americans who want clean energy and energy efficiency but may not have the available cash to invest in improvements.”
Making clean energy investments available to workers across the country, E4TheFuture is helping credit union members to take advantage of the sustainable, stable long term returns from clean energy projects. CECU, a not-for-profit financial services cooperative and a federally chartered credit union, has a mission to promote clean energy, environmental stewardship and cooperative enterprises through the financial services provided to its members. To achieve this mission, the credit union endeavors to accelerate consumers’ adoption of clean energy products and services with loans that are not being offered by other financial institutions. This brings the possibility of clean energy products within range of a new, and very large, group of people.
“Support from E4TheFuture will allow the CECU to leverage more funding and will strengthen our ability to help people participate in the clean energy movement,” said CECU Board Chair Blake Jones. “People are seeking new ways to make a difference to help our environment and usher in a clean energy economy. Our new credit union provides an easy way for people to be a part of the solution.”
CECU received its federal charter from the National Credit Union Administration in September 2017, and plans to open for business by the end of 2017. A crowdfunding campaign (see video) is under way through November 12, 2017. Initial membership recruitment is targeting members of the American Solar Energy Society (ASES) - a non-profit that advocates sustainable living and 100% renewable energy. It also aims to bring in its fold socially responsible impact investors, consumers interested in purchasing a solar PV system, electric vehicle, or home energy efficiency retrofit and interested credit unions, particularly those with underutilized funds available to deposit in CECU.
“As a new organization committed to the common cause of building a robust clean energy industry, the CECU is proud to be a recipient of E4TheFuture funds,” said CEO Terri Mickelsen. “These dollars will go a long way toward helping all of us unite the clean energy participants to help consumers finance clean energy resources.”
E4TheFuture is a nonprofit organization advancing clean, efficient energy solutions for residential customers. “E4” stands for:
- Energy—promoting clean, efficient, safe solutions
- Economy—growing a prosperous low-carbon economy into the 22nd century
- Equity—empowering all Americans to run their homes with clean, affordable energy
- Environment—restoring healthy air, water and land