Credit Union Helps Members Expand Solar Energy
Clearwater FCU offers a CD that funds clean energy projects for its western Montana members.
A Montana credit union is offering members a way to help expand the clean energy network in their area even if they don’t own the roof over their head to place a solar panel.
Clearwater Federal Credit Union of Missoula, Mont. ($1.1 billion in assets, 60,922 members) on July 18 began offering a Clean Energy Certificate of Deposit. The credit union’s news release said its 24-month CD provides its western Montana members with rates it describes as “market competitive,” while restricting the funds provided by the member to solar loans and similar projects.
Clearwater designates the pooled deposits to fund loans for clean energy initiatives it said are intended to help Montana homeowners and businesses improve energy efficiency, reduce environmental impact and help build a clean energy economy.
“Clearwater’s Clean Energy CD aligns with our commitment to protect the environment and preserve Montana’s natural resources for future generations, while also empowering more Montanans to embrace clean energy solutions,” President/CEO Jack Lawson said. “This CD is ideal for people who want their deposits to have a meaningful impact.”
The Clean Energy CD adds to Clearwater’s Clean Energy Banking program, a suite of products and services designed help Montana homeowners and businesses embrace clean energy solutions. It includes:
- A Solar Loan to finance solar panel installations.
- An Energy Efficiency Loan to help homeowners improve energy performance and indoor air quality while providing added cooling during summer months.
- A Clean Energy Mortgage option that offers discounted pricing for utilizing energy efficiency or conservation measures.
- A Clean Energy Commercial Loan for financing high performance new construction, solar panel installation or energy-efficient retrofits.
By Spring 2025, Clearwater said it will also offer a Clean Energy Advisory service. This service will be free to members and is intended to help them understand their options for improving the efficiency and comfort of their homes or businesses, get advice in selecting improvements and connect with trusted contractors.
Clearwater is Montana’s largest certified Community Development Financial Institution (CDFI), a member of the Global Alliance for Banking on Values (GABV), and a member of Inclusiv, a CDFI intermediary with a mission to help low- and moderate-income people enhance economic well-being through credit unions.