LOS ANGELES–With energy costs rising and extreme heat intensifying across California, USC Credit Union said it is reaffirming its commitment to expanding clean energy access in low-income and disadvantaged communities across Los Angeles and Orange counties.
The $702.7-million USC CU said that through its clean energy lending programs and with support from a recent grant awarded by Inclusiv’s Clean Communities Investment Accelerator (CCIA), USC Credit Union said it is “advancing solutions that improve health, lower household costs, and strengthen community resilience.”
Since launching its clean energy loan offerings in 2022, the credit union reported it has expanded access to financing for electric vehicles, home chargers, solar panels, battery storage, and energy-efficient home upgrades. It added that the programs expand access to communities that have historically faced the greatest barriers to adopting clean energy.
Can’t Leave Communities Behind
“California’s goal of reaching 100% clean energy by 2045 depends on the widespread adoption of solar and other clean technologies,” Valerie Ives, vice president of consumer lending, said in a statement. “These goals can’t be met if underserved communities are left behind. Expanding access to affordable clean energy is critical to achieving the state’s climate goals, and USC Credit Union is committed to supporting an equitable transition within our service areas, ensuring that all members can benefit from and participate in the clean energy future.”
USC Credit Union said its outreach includes partnerships with community-based organizations (CBOs) to help close the clean energy access gap for low-income households, “many of whom face structural barriers to participating in the energy transition. Renters often can’t make home upgrades like installing solar panels or heat pumps, while others lack the upfront capital or financing options to purchase cleaner, more efficient vehicles or energy-saving appliances.”
One Solution
According to USCCU, one solution has been its participation in the Driving Clean Assistance Program (DCAP), in partnership with the Community Housing Development Corporation (CHDC) and the California Air Resources Board (CARB), a program that helps income-qualified residents access low-interest loans and substantial subsidies to purchase clean vehicles and install home chargers, making clean transportation more affordable and accessible for those who need it most.
Waiting on Funding
Earlier this year, USC Credit Union noted it selected as part of the inaugural cohort of CCIA sub-awardees through Inclusiv. The award recognizes USC Credit Union’s leadership in clean energy finance and will help scale its efforts to reach more households with affordable, community-rooted lending options. It further noted that currently the funds remain blocked due to pending litigation against the EPA, but should they be released, the award will help scale the credit union’s efforts to reach more households.
More information on its programs can be found here.
