Rate credit would be coupled with credit union community fund donation
Peninsula Clean Energy will offer up to $1.55 million to help small businesses impacted by the economic downturn during the COVID-19 pandemic.
The assistance includes a $250 bill credit for up to 6,000 qualifying small businesses and a $50,000 donation to the San Mateo Credit Union Community Fund.
Peninsula Clean Energy will send letters to roughly 12,000 customers who are potentially eligible for the bill credit. Those businesses must respond with additional information before approval of the credit, which will be issued within one to two billing cycles. Qualifying businesses are small commercial customers with no more than one or two accounts in their name.
The $50,000 donation is earmarked for small business support overseen by the Renaissance Entrepreneurship Center (REC), which has served 195 small businesses throughout San Mateo County over the past two years.
“Small businesses at the heart of our communities are struggling just to survive as this pandemic and recession drag on,” Peninsula Clean Energy CEO Jan Pepper said. “We’re hoping to help keep the dream alive for these businesses and budding entrepreneurs.”
“This bill credit is our way of reaching out in a neighborly way and helping to preserve our local businesses during these extraordinarily difficult times,” City of San Mateo Council Member Rick Bonilla said. “If we do this well, we will help preserve local jobs and the ability to continue receiving the goods and services that we have been accustomed to.”
“Small businesses are really hurting right now, so I am very supportive of efforts to help them through this tough time,” said Ian Bain, Councilmember, Redwood City. “Both the rate credit and the donation to the Community Fund will be well received by small businesses in our community.”
The small business assistance is part of a broader package of efforts by Peninsula Clean Energy this year to help customers who have struggled during the pandemic. That includes an automatic one-time $100 bill credit to more than 36,000 qualifying low-income customers and investing $10 million in programs to improve energy resiliency, including clean backup batteries for medically vulnerable residents and at critical facilities.
About Peninsula Clean Energy
Peninsula Clean Energy is a Community Choice Aggregation agency and the official electricity provider for San Mateo County. Founded in 2016 with a mission to reduce greenhouse gas emissions in the county, the agency serves 295,000 customers by providing more than 3,500 gigawatt hours annually of electricity that is 95% carbon-free and at lower cost than PG&E. As a community-led, not-for-profit agency, Peninsula Clean Energy makes significant investments in our communities to expand access to sustainable and affordable energy solutions. Peninsula Clean Energy is on track to deliver electricity that is 100% carbon-free by 2021 and 100% renewable on a 24/7 basis by 2025. The agency has earned investment grade credit ratings from Moody’s and Fitch.