MONTGOMERY COUNTY, Md. (WDM) — Montgomery County Councilmembers were joined by U.S. Senator Chris Van Hollen to recognize the passage of the Montgomery County Green Buildings Now Act that dedications millions of dollars in energy tax money for environmental goals.
The Green Buildings Now Act is the single largest investment in climate change in county history. To help reduce greenhouse gas emissions and advance the county’s climate goals, this bill allocates 10% of the county’s tax revenue, almost $20 million a year, to Montgomery County Green Bank.
“It will save 10s of millions of dollars in energy bills for our residential and commercial tenants and our residential and commercial building,” said Councilmember Tom Hucker. “None of us like paying our energy bills, so that’s a huge win as well.”
The legislation also focuses on vulnerable communities by spending 20% of its funds to support areas with higher concentrations of low-income and/or minority populations. And 15% of the funds will help reduce the cost of energy projects for businesses.
“The beauty and benefit of these green bank financing systems is the leverage they provide,” said U.S. Senator Chris Van Hollen. “They really do have a great multiplier effect, so $1 of public money can generate up to $7 of private investment.”
To allow for property owners and partners to adjust to the new law, after July 1, 2023, The Green Bank cannot use funds to pay for equipment upgrades that still use fossil fuels.
“It’s gonna make sure that we actually provide not just ambitious targets and goals and set that bar really high as it needs to be, but then we provide a ladder of opportunity for property owners, for homeowners, for residents, and businesses in our county,” said Councilmember Andrew Friedson.
Five years ago, the county passed a resolution that by 2035 greenhouse gasses in the county would be eliminated entirely and cut by 80% by 2027.
