Building Modernization Information Session for Providence Building Owners
New RI C-PACE program offers commercial building owners 100 percent, non-recourse financing for energy efficiency, renewable energy projects
Providence, RI–April 21, 2017—A free, hour-long information session about a new, government-sponsored building modernization program called Commercial Property Assessed Clean Energy, or C-PACE, will be held Wednesday, May 3, at 11:30 a.m. at The Providence Foundation in Providence, Rhode Island. The session is for owners of commercial and industrial buildings who want to learn how to increase their cash flow and make their building more energy efficient—and more valuable—without incurring any upfront, out-of-pocket costs.
The City of Providence’s Office of Sustainability and Rhode Island Infrastructure Bank are jointly hosting the event. Rhode Island is among the first states in the country to offer the C-PACE program for both existing buildings and new construction. The program is designed to create local jobs and save business owners money on their energy costs while reducing greenhouse gas emissions.
C-PACE is an attractive option for building owners seeking to upgrade their buildings with new, energy-efficient equipment or renewable energy measures. For developers planning new buildings, C-PACE provides a major financial incentive to design buildings above current energy code, which leads to significant cost savings and reductions in greenhouse gas emissions. In a C-PACE transaction, qualified lenders, including local banks and specialty private capital firms, provide long-term, fixed-rate financing that covers 100 percent of the project cost.
Eligible properties include commercial, industrial, and multifamily (with five or more units) buildings, as well as nonprofits (houses of worship, private schools, etc.) For well-designed projects, the annual energy cost savings exceed the finance charge. For new buildings that are designed to exceed the current building energy code, C-PACE may finance up to 20 percent of the total construction cost.
Register today; seats are limited.
About RI C-PACE
RI C-PACE is a program of Rhode Island Infrastructure Bank, administered by Sustainable Real Estate Solutions (SRS). Rhode Island’s Commercial Property Assessed Clean Energy (RI C-PACE) program provides a new form of financing for building energy and environmental improvements. RI C-PACE is a voluntary financing tool which allows owners of commercial real estate to access affordable, long-term financing for qualifying energy efficiency and renewable energy generation improvements. For more information, visit http://www.ri-cpace.com.
About the Office of Sustainability
The mission of the Providence Office of Sustainability, by ordinance, is to provide a better quality of life for all residents while maintaining nature’s ability to function over time by minimizing waste, preventing pollution, promoting efficiency, and developing local resources to revitalize the local economy, as well as reducing energy consumption in city-owned facilities, to cost effectively lower utility operating costs, and to insure occupant comfort and safety in city facilities.
The Rhode Island Infrastructure Bank (RIIB) is a quasi-public agency that supports and finances investments in Rhode Island’s infrastructure. RIIB issues tax-exempt, AAA-rated bond securities, the proceeds of which are used to provide low-cost financing to Rhode Island’s municipalities and sewer and water utilities for infrastructure projects to enhance the waters of the state. RIIB manages investment programs for local roads and bridges, energy efficiency and renewable energy, and brownfield remediation. Through its activities, RIIB fosters infrastructure improvements that enhance the environment, create jobs, and promote economic development. For more information, visit http://www.RIIB.org.
John DiModica, RI C-PACE Program Director, email@example.com, 401-519-4473