Washington State pledges $25m to scale clean energy financing

Washington State has signed a supplemental capital budget bill, capitalising the Washington State Green Bank with an initial $25m appropriation.

The green bank, which will formally rebrand as Washington Builds, will have a legislative intent for an additional $25m committed for the 2027–2029 budget cycle.

Specialised clean energy lender

Washington Builds will serve as a specialised clean energy lender for households, small businesses, and Tribal nations across the state – stepping in to attract private lenders in markets that traditional lenders have overlooked and making clean energy financing accessible to the households and businesses that need it most.

Of the initial $25m, $5.8m will support residential projects, including solar, HVAC upgrades, EV chargers, and efficiency improvements, with a priority on low-to-moderate income households. Another $17.4m will support commercial projects, providing small businesses and Tribes with the low-cost, affordable financing needed for clean energy upgrades, fleet transitions, and building improvements that lower long-term operating costs.

“Washington is proving that the most durable work happens when states take the lead in investing in community-driven financial infrastructure”

“This is about making clean energy financing work for people who’ve typically been left out,” said Eli Lieberman, executive director of Washington State Green Bank. ”For too long, access to affordable energy efficiency and cost-saving clean energy upgrades has come down to whether you have affordable financing options available to you, and for most families and small businesses, those were out of reach.”

Lieberman added: “Washington Builds was created to change that, to help working families and small business owners access the benefits of clean energy, and our mission-driven institution is built to serve them. We’re proud to get to work.”