PROVIDENCE, R.I. – With the recent announcement by Rhode Island Energy that residential and commercial electricity rates are set to increase by nearly 50 percent starting in October, Rhode Island Infrastructure Bank is reminding cities, towns, and commercial and industrial property owners of the Bank’s efficiency and renewable energy programs for financing projects that generate energy cost savings and reduce carbon emissions.
“With electricity rates spiking for our cities, towns, and businesses, the Infrastructure Bank has programs specifically designed to finance projects that reduce use and produce real energy cost savings,”
Efficient Buildings Fund
The Efficient Buildings Fund (EBF) makes attractive, long-term financing available to municipalities and quasi-public agencies for the completion of energy efficiency and renewable energy projects. Free energy audits are available to assist in the identification of eligible products.
EBF Case Study
The City of East Providence utilized a $24 million loan from the Efficient Buildings Fund to finance energy efficiency components for the City’s new high school. Energy conservation measures in the new, state-of-the-art high school are projected to save the City $12.2 million in estimated lifetime energy costs, and by financing the project through the Infrastructure Bank at below market interest rates, East Providence will save almost $1 million on debt service payments.
Commercial Property Assessed Clean Energy (C-PACE)
The Commercial Property Assessed Clean Energy (C-PACE) program provides long-term, fixed-rated financing for efficiency and renewable energy upgrades in commercial and industrial properties. By financing with C-PACE, businesses eliminate the need for upfront capital and generate immediate positive cash flow.
C-PACE Case Study
With limited capital to invest in upfront costs, McQuade’s ACE Hardware in Westerly utilized a $450,000 fixed rate, 20-year C-PACE loan to install a 200-kW rooftop solar array. The solar installation generates over $50,000 annually in electric savings and will save more than one million dollars over the life of the system. The reduction in carbon emissions attributable to the system is equivalent to the annual emissions of more than 300 single family homes.
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Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank