The project marks the first time a nonprofit has used the state financing program
Providence, RI—Rhode Island Infrastructure Bank (RIIB) today announced that Helping Hands Community Partners, a nonprofit that educates people about homeownership, will finance an energy efficiency upgrade at its Providence-based headquarters through the Rhode Island C-PACE program. This is the first Rhode Island C-PACE project in Providence.
The project, which calls for the installation of new HVAC units, LED lighting, insulation, and water efficiency measures, is projected to reduce the building’s energy consumption by 47.5 percent and increase its value by approximately $12,000.
Greenworks Lending, a national provider of commercial C-PACE financing, funded the investment, which totaled $94,182.
About Rhode Island C-PACE
Rhode Island C-PACE enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit https://ri-cpace.com.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. RIIB leverages 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. For more information, visit www.riib.org.