Installation of solar PV systems at three office properties projected to save the owner $1.1 million in energy costs
Providence, RI—Jeffrey Diehl, executive director and chief executive officer of the Rhode Island Infrastructure Bank (RIIB), today announced that three office buildings in North Kingstown will soon become more energy efficient thanks in part to Rhode Island C-PACE. All three projects are cash-flow positive, meaning the energy cost savings realized from the building improvements will exceed the owner’s C-PACE repayment obligation.
The projects call for the installation of a rooftop solar photovoltaic system at the buildings, which are located at 610, 640, and 650 Ten Rod Road and range in size from 7,506 to 58,493 square feet. E2SOL developed the project and will install the systems, which produce renewable energy on site and are projected to save the building owner nearly $1.5 million in energy costs over the 20-year finance term.
Greenworks Lending, a national C-PACE capital provider, funded the investments, which totaled $497,861 for all three projects.
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 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.