Inside a Green Bank: Financing Nevada’s Clean Energy Future on the Ground

Nadja Yang, MBA Candidate @Stanford
Clean Energy Investments Fellow, Nevada Clean Energy Fund

When people think of Nevada, they often picture dazzling casinos or sweeping desert landscapes. But behind the scenes, Nevada is transforming into a leader in clean energy – and I’ve had the privilege of contributing to that transformation this summer as a Clean Energy Investment Fellow at the Nevada Clean Energy Fund (NCEF).

About NCEF and My Role

NCEF is an independent nonprofit organization operating as Nevada’s state green bank, dedicated to accelerating equitable clean energy adoption by providing accessible financing to underserved communities and mission-aligned organizations for energy improvements like rooftop solar, EV charging stations, and energy-efficient retrofits. With over $200 million in grants, NCEF is preparing to scale its impact rapidly – and I’ve been fortunate to support that effort through a wide range of strategic, analytical and operational work:

Go-To-Market Strategy & Business Development: I led the development of NCEF’s commercial site host outreach strategy under the Solar for All program, identifying high-potential sectors. I also evaluated submissions for a dozen proposed financial products as part of NCEF’s National Clean Investment Fund grant, helping prioritize potential partners and customers.
Financial Modeling & Data Analysis: I adapted models to reflect NCEF’s projected Solar for All deployment through 2029, estimating how many Renewable Energy Credits (RECs) and Portfolio Energy Credits (PECs) could be generated annually. I also assessed PEC market pricing, modeled the impact of ITC policy changes on system costs, and researched expected loss rates to inform credit policy.
Operations & Policy Implementation: I developed an overview of Nevada’s NVTREC trading platform to support PEC tracking. In the coming weeks, I’ll also support loan monitoring system development and contribute to investment policy adjustments based on guidance from GB50, a national green bank network.

NREL Solar Costs graph — *Figure 1. NREL’s Solar Installed System Cost Analysis between 2011 and 2023 for residential, commercial and utility-scale solar, which was the basis of the ITC Impact Analysis.*

A Typical Day – and a Highlight

There’s no typical day at NCEF. I move from one project to the next while staying closely connected to colleagues across functions. A highlight was our All Hands Retreat in Las Vegas, where I met the full team, visited the Hoover Dam, and shared a dinner where every team member received a personalized award from the CEO. The experience reflected the genuine appreciation, cohesion, and mission alignment that make NCEF special – even as it has grown rapidly.

*Figure 2. A panorama photo of the Hoover Dam during NCEF’s All Hands Summer Retreat 2025.*

Nadja on the Hoover Dam tour — *Figure 3. Nadja Yang learning about the Hoover Dam system in its historic tour tunnel.*

Nadja's award from the team retreat — *Figure 4. NCEF’s gesture of appreciation through personalized awards during the celebration dinner.*

What I’ve Learned

This fellowship has shown me how federal policy decisions can have profound effects at the local level, shaping what is possible on the ground for organizations like NCEF.

I also witnessed how local organizations must navigate real-world regulatory constraints to deliver impact. For instance, Nevada’s 1 MW net metering cap limits the scale of projects, even though NCEF can finance systems up to 5 MW.

Moreover, I’ve seen the power of diverse, mission-driven teams. NCEF brings together people from different backgrounds and generations; and that diversity is its strength.

My time at NCEF has shaped how I think about scaling impact through finance – and I’m excited to carry this perspective into the next stage of my journey.

Thank you to the entire NCEF team for the mentorship, trust, and the opportunity to contribute to such meaningful work.