Rhode Island C-PACE for Municipalities
The Rhode Island Commercial Property Assessed Clean Energy (C-PACE) program is an initiative of the Rhode Island Infrastructure Bank (RIIB) and was authorized by legislation signed into law on June 30, 2015. The PACE statute can be found in the Rhode Island General Laws at Chapter 39-26.5 or by visiting the General Assembly website at: http://webserver.rilin.state.ri.us/PublicLaws/law15/law15141-14.htm.
C-PACE facilitates financing for clean energy improvements to commercial, industrial, agricultural, non-profit and multifamily (with 5 or more units) properties. To encourage long term financing the program utilizes the municipal property assessment mechanism to provide security for repayment of the financing.
C-PACE projects improve the local commercial and industrial building stock. Moreover, the C-PACE program advances the following state of Rhode Island and municipalities public policy goals to:
- Increase local jobs
- Reduce greenhouse gas emissions
- Increase renewable energy mix
For municipalities seeking to join in the program, Rhode Island C-PACE has prepared the Rhode Island C-PACE Participation Agreement, which outlines the terms of the program