About

Rhode Island Commercial Property Assessed Clean Energy (C-PACE) Program

C-PACE enables owners of eligible commercial and industrial buildings to finance up to 100% of energy efficiency, renewable energy, water conservation, environmental health and safety eligible improvements. Financing is provided by private capital providers at competitive rates with repayment terms consistent with the useful life of the improvements, generally up to 25 years.

“Power of PACE”

Building owners are empowered to modernize building energy infrastructure, lower energy costs, increase building comfort and asset value – with no upfront costs while enjoying positive cash flow. C-PACE projects also advance public policy goals to create local jobs, maximize energy efficiency through full integration with state utility programs, reduce greenhouse gas emissions and increase renewable energy deployment.

How PACE works (watch video)

C-PACE Assessment & Repayment

C-PACE financing repayment is facilitated through the municipal property tax assessment process. A voluntary assessment (similar to a sewer district assessment) is placed on the building owner’s property tax bill. The assessment is repaid over the financing term (up to 25 years, project dependent) and the annual energy cost savings will, in most cases, exceed the annual assessment payment, thereby enabling capital intensive equipment upgrades. C-PACE looks to support full access to all available state and utility incentive programs to help customers achieve this positive cash flow. Because the C-PACE assessment obligation runs with the property, the assessment automatically transfers to the next owner when the property is sold.

Program Administration

Sustainable Real Estate Solutions, Inc. (“SRS”) has responsibility to administer Rhode Island’s C-PACE program.

Program Administration Fee

C-PACE is designed to be a self-sustaining program. Program fees charged to program applicants will be sufficient to cover the costs associated with administering the program, while still allowing for attractive overall costs associated with C-PACE participation. The C-PACE program will assign a program administration fee to each project at the time of project financing equal to two and one-half percent (2.5%) of the project finance amount.

The Rhode Island Infrastructure Bank (RIIB) provides affordable financing to municipalities, commercial and residential property owners for investments in clean water, drinking water and energy efficiency and renewable energy projects. The RIIB is the program sponsor of the RI C-PACE program and has selected Sustainable Real Estate Solutions, Inc. (SRS) to be the program administrator.

Contact:
Michael Baer, Senior Advisor
Rhode Island Infrastructure Bank
(401) 453.4430 ext. 127

Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $120 million in C-PACE financing nationwide—a level unmatched in the industry.

SRS empowers C-PACE public-private partnerships across the county, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, and Virginia. The company is based in Trumbull, Connecticut.

For more information, visit www.PACEworx.com.

Contacts:

Brian J. McCarter, CEO
Sustainable Real Estate Solutions, Inc.
(203) 459-0567

T. William Constantino Jr., Director, RI C-PACE Program
Sustainable Real Estate Solutions, Inc.
(401) 519-1648