Green Dry Cleaners Becoming Greener with C-PACE

Rhode Island Infrastructure Bank (RIIB) recently closed a loan deal at Pier Cleaners, a dry-cleaning business in Wakefield. The Infrastructure Bank helped the business save more than $275,000 in energy costs by financing the implementation of a rooftop solar system using Commercial Property Assessed Clean Energy (C-PACE). This project was contracted with RGS Energy and will see the construction of 41.7 kW of solar panels for the over 10,000 square foot property. Pier Cleaners has served the community for over 50 years and has a unique operation featuring water conservation systems that have saved over 750,000 gallons of water. 

To date, five projects totaling more than $2.3 million have been financed using C-PACE. Collectively, these projects will save Rhode Island businesses nearly $5 million in energy costs, boost property values by more than $2.7 million, and reduce greenhouse gas emissions by nearly 9,000 tons. C-PACE is also helping Rhode Island meet Governor Raimondo’s ambitious goal of installing 1,000 MW of clean energy by 2020 – thus far more than 700 kW in new solar energy projects have been financed using C-PACE.

C-PACE loans provide 100% low-cost, long-term financing to local businesses for energy projects. These projects lead to significant cost savings and greater energy efficiency for commercial and industrial property owners. Click here for more information on C-PACE.