Providence, RI—Jeffrey Diehl, executive director and chief executive officer of The Rhode Island Infrastructure Bank (RIIB), today announced that a two-story commercial building in Pawtucket will soon become more energy efficient thanks in part to Rhode Island C-PACE. The state-sponsored program facilitates affordable, long-term financing for energy efficiency projects in commercial and industrial buildings.
The newest C-PACE project calls for the installation of a solar photovoltaic system at the 11,694-square-foot medical building, which is located at 126 Prospect Street. The rooftop system, installed by RGS Energy, is projected to offset the building’s annual electricity consumption by 27 percent—approximately 41,000 kWh annually—and increase the building’s value by approximately $131,000.
Greenworks Lending, a national C-PACE capital provider, funded the investment, which totaled $126,453.
“The C-PACE program offered a great opportunity to improve the Pawtucket Medical Center for the long term,” said building owner Jackson Song. “Adding renewable energy and having the ability to include general roofing repairs in the financing makes this the type of capital improvement much more feasible. It’s a smart program that others should consider.”
“You may read about the large-scale solar photovoltaic sytems put in place by utilities and big businesses, but independent property owners can have a big impact as well,” said Jim Moretti, regional sales manager for RGS Energy, the solar project developer. “The medical center is modest in size, but with C-PACE financing the project is cash flow positive and the community moves that much closer to its sustainability goals.”
The Rhode Island Infrastructure Bank’s C-PACE program is making an impact by facilitiating solar projects throughout the state, but those involved are quick to note that the program is intended for more than just solar installations.
“The capital we have provided to fund large-scale and mid-size solar projects has helped a number of Rhode Island commercial property owners reduce their operating expenses, improve their properties,
and benefit their community with the installation of ‘green’ initiatives,” said Jessica Bailey, CEO and co-founder of Greenworks Lending. “The benefits of the C-PACE program extend beyond solar as well. We are looking forward to a season of boiler and heating improvements as owners assess their properties for the winter months ahead.”
About Rhode Island C-PACE
Rhode Island C-PACE is a state-sponsored program that 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.