Kresge Foundation makes $5 million PRI for renewable energy solutions

Kresge Foundation makes $5 million PRI for renewable energy solutions

The Kresge Foundation has announced a $5 million program-related investment in PosiGen, a renewable energy company that provides clean-energy solutions for low- to moderate-income households.

A collaboration between Kresge's Social Investment Practice and Environment Program, the investment will support the continued growth of the company as it works to make solar power and energy-efficient solutions available to all homeowners. 

"Low-to-moderate income families are the most susceptible to rising energy costs, and our unique business model puts PosiGen households in control of their energy costs through the benefits of rooftop solar and energy efficiency upgrades," said PosiGen CEO Tom Neyhart. "This investment will allow PosiGen to accelerate efforts to reach thousands of new households traditionally unable to access the benefits of rooftop solar, and that is extremely exciting to us.

"Kresge's partnership with PosiGen offers a significant opportunity to improve access to solar energy in Black and Brown communities," said Jessica E. Boehland, senior program officer in the foundation's Environment Program. "We're working to combat environmental racism, and this requires an intentional investment in communities with the most need....We're happy that, unlike most solar companies, PosiGen determines customer eligibility based on the energy cost savings to customers and not on credit scores. This helps cities where PosiGen works transition to carbon neutrality in ways that reflect the needs, priorities, and knowledge of historically underinvested communities."

(Photo credit: Kresge Foundation)

"Kresge makes $5 million program-related investment in PosiGen." Kresge Foundation press release 08/17/2020.