Rhode Island Infrastructure Bank C-PACE Program finances $5.1M in 2019

PROVIDENCE – Rhode Island Infrastructure Bank called 2019 a “banner year” for its Commercial Property Assessed Clean Energy Program, which provided $5.1 million in low-interest financing for energy efficiency and renewable energy building upgrades this year, according to a news release.

Major projects financed this year include a $2 million loan from Twain Financial Partners to developer Churchill and Banks for energy efficiency upgrades to a five-story residential building at 580 South Water St. in Providence’s Fox Point neighborhood. The C-Pace program also helped Warren’s Harbor Animal Hospital to close a $254,000 loan to pay for solar panels and LED lights.

In the past three years, C-PACE has financed 22 projects in nine local municipalities, saving business beneficiaries an estimated $15.4 million in energy costs, $6.6 million of which comes from projects financed in 2019. Eligible projects include energy efficiency lighting, insulation, heating and cooling systems, and renewable energy projects.

Nancy Lavin is a staff writer for the PBN. Contact her at lavin@pbn.com.

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