First multifamily property funded through the program projected to save close to $200,000 in energy costs
Providence, RI—Jeffrey Diehl, executive director and chief executive officer of Rhode Island Infrastructure Bank (RIIB), today announced that an apartment complex in Providence will soon become more energy efficient thanks in part to Rhode Island C-PACE. This is the first time a multifamily property was funded through the program, which facilitates affordable, long-term financing for energy efficiency projects in commercial and industrial buildings.
The newest Rhode Island C-PACE project calls for the installation of a solar photovoltaic system at 112 Murray Street. The rooftop system is projected to save the building owner more than $197,000 in electricity costs and increase the value of the 9,219-square-foot building by more than $115,000.
Greenworks Lending, a national C-PACE capital provider, funded the investment, which totaled $88,145.
“Installing a rooftop solar array to reduce our operating costs was our primary goal,” said property owner Eric Shao. “The state C-PACE program and working with a skilled contractor and lender helped make that happen. Economics aside, we are very excited for the benefits to the community. We’re saving energy and helping Providence and the region move toward energy independence.”
“The solar installation at 112 Murray Street is the eighth property we’ve financed in Rhode Island. What is remarkable is the range of properties we can support through this program and the Infrastructure Bank. Among the first to take advantage of this program in Rhode Island have been professional and medical offices, a sports facility, manufacturers and now multifamily property owners,” said Jessica Bailey, Greenworks Lending CEO and co-founder.
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.