$50 Million to $70 Million
in annual revenue
This new 1% business license surcharge on Corporations operating in Portland (with over $500 Million in local sales revenue, and $1 Billion in national sale revenue yearly) will bring in an estimated $50 Million to $70 Million to be applied to this fund. These funds will be used for the weatherization of homes, installation of solar and other renewable energy sources, expand local food production, create clean energy jobs, and overall build a greener and healthier Portland.
FAQ
The Portland Clean Energy fund only applies to the City of Portland and major retailers with gross receipts over $1 Billion per year. This will not effect small local businesses.
A 1% supplemental business licensed surcharge will be applied to large retail corporations that generate over $1 Billion a year in revenue and of that $500,000 in Portland sales. This surcharge will come from companies such as Wells Fargo, Comcast, Banana Republic, and other corporations at this level.
With administrative cost limited to no more then 5% of the fund, this leaves 95% of the money collected going directly to work the Initiative is set out to do. A nine person committee will decide on which projects receive funding and have over site on the accountability of the projects which have been approved. These members are required to have experience in fields pertaining to the Initiative and represent the economic and racial diversity in which the program is designed to help.
The Portland Clean Energy Fund Steering Committee is made up of:
- Coalition of Communities of Color
- The Asian Pacific American Network of Oregon
- Verde
- NAACP
- OPAL
- NAYA Family Center
- 350 PDX
- Sierra Club
- Audubon Society of Portland
- Oregon Physicians for Social Responsibility
- Columbia Riverkeeper
This Initiative will indeed work with the already established rebates and incentives that Energy Trust of Oregon has currently established. However, Energy Trust mission does not focus on climate change or social justice, as it provide incentive to all Oregon Public Utility users (but again in the form of rebates or financial incentives). Energy Trust’s funds come primarily from an added fee applied to our Utility bills.