Business uses state program to install renewable energy systems in Rhode Island stores
Providence, RI—Jeffrey Diehl, executive director and chief executive officer of The Rhode Island Infrastructure Bank (RIIB), today announced that a South Kingstown-based dry cleaning business used Rhode Island C-PACE, which facilitates financing for energy and water efficiency projects, to install a solar PV system at both of its Rhode Island locations. The first project for Pier Cleaners called for the installation of a solar photovoltaic system at its 10,428-square-foot on-site dry cleaning operation located at 50 High Street in South Kingstown. The rooftop system is projected to save the building owner more than $279,000 in electricity costs—and increase the building’s value by approximately $223,627.
The second project called for the installation of a solar PV system at the business’s 6,000-square-foot store in Westerly. The rooftop system is projected to reduce the building’s energy consumption by 94 percent and increase its value by $109,560.
Freedom National Bank, a community bank based in Rhode Island, funded the South Kingstown investment, which totaled $136,113.
Greenworks Lending, a national specialty capital provider, funded the investment at the Westerly property, which totaled $162,293.
RGS Energy installed both projects.
“We’re an environmentally friendly dry cleaner, but we’re a business, too, so all of our green initiatives have to make economic sense,” said Larry Fish, the owner of Pier Cleaners. “The C-PACE program doesn’t tie up capital, which makes it easy for us to invest in our employees or, say, more vans for our delivery service. It also doesn’t require a personal guarantee. C-PACE makes a hard business decision a slam dunk.”
“Freedom is known in every corner of Rhode Island as willing to go the extra mile for customers,” said John Cardillo, a vice president and relationship manager at Freedom National Bank. “Because we’re a community bank and make all decisions locally, we were able to adapt our processes pretty quickly to provide capital through Rhode Island C-PACE. We were glad to help make the business a bit better and the air a bit cleaner in Rhode Island.”
“In business since 1978, RGS Energy believes in the power of renewable energy to help businesses lower their electricity costs,” said Jim Moretti at RGS Energy. “Now that building owners have the C-PACE program, which provides 100 percent of the financing, it’s even easier for business to save money and become more sustainable.”
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.