R.I. Infrastructure Bank announces $1.7M in financing for solar array projects

PROVIDENCE – The Rhode Island Infrastructure Bank announced $1.7 million in financing for three solar energy projects, according to a news release.

The long-term financing through the bank’s Commercial Property Assessed Clean Energy program will benefit the following projects:

  • $715,000 to South County Investments in South Kingstown to install a 33-kilowatt solar system, as well as water conservation; LED lighting; heating, ventilating and air conditioning upgrades; and insulation, which will reduce its carbon dioxide emissions by 1,210 tons and save $613,677 in energy costs over the life of the project.
  • $538,244 to St. Francis de Sales Parish in North Kingstown to build a 249.5-kilowatt solar array that will cut 3,319 tons of carbon dioxide emissions and save $1.3 million in electricity costs over 20 years.
  • $448,750 to McQuade’s ACE Hardware in Westerly to build a 200.2-kilowatt roof-mounted solar array, reducing carbon dioxide emissions by 2,683 tons and saving $1.2 million in electricity costs over the life of the project.

The program offers no upfront or out-of-pocket cost financing to commercial, nonprofit and multifamily residential projects that improve energy efficiency or offer renewable energy solutions. Loans are repaid based on property assessments.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

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