Infrastructure Bank Closes First Solar C-PACE Project in Providence

Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (C-PACE) program financed its first solar C-PACE project in Providence. The 23.1 kW solar investment, installed by Rhode Island Solar Solutions, will provide clean energy to a multifamily housing property in the Silver Lake neighborhood. The $88,000 investment is projected to save the property owner over $197,000 in energy costs. This is the first solar project in Rhode Island to utilize C-PACE financing in combination with National Grid’s Renewable Energy Growth (REG) incentive program.

This solar project will reduce greenhouse gas emissions by an amount equivalent to the emissions from 743,000 miles driven by the average passenger car.

To date, projects financed through C-PACE have saved Rhode Island businesses close to $7 million in energy costs. The completed projects have increased businesses' property values by almost $4 million and eliminated greenhouse gas emissions by an amount equivalent to the emissions from 29.4 million car miles. Projects financed through C-PACE are contributing to Governor Raimondo's goal of installing 1,000 MW of clean energy by the year 2020.

C-PACE is an innovative financing solution for commercial property owners that makes green energy upgrades accessible and affordable. C-PACE can finance 100% of costs at attractive fixed rates. C-PACE financing can be repaid over 25 years and is transferable to a new owner if the building is sold. Click here to learn more about C-PACE.