PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced $483,000 in Commercial Property Assessed Clean Energy (C-PACE) program financing for a new rooftop solar installation at Fulford Manufacturing’s facility in East Providence. The Infrastructure Bank also welcomes BankRI to the C-PACE program and congratulates them on funding their first project in the state.
Fulford Manufacturing’s rooftop solar installation will generate an estimated 155,885 kWh, and by utilizing net metering will greatly reduce their annual electricity costs. The cost of the system will be offset by a combination of federal, state, and other incentives that will provide a total net income of $391,335 by the end of the 25-year C-PACE loan term.
“We’re pleased to help Fulford Manufacturing finance a new rooftop solar array that will reduce their electricity costs and reduce emissions,” said William Fazioli, Executive Director of Rhode Island Infrastructure Bank. “This is another example of how our C-PACE program is helping local businesses invest in renewable and energy efficiency measures with no upfront costs.”
Will Tsonos, President and CEO of Bank Rhode Island remarked, “BankRI is pleased to participate in C-PACE and make our first loan through the program to finance Fulford Manufacturing’s new rooftop solar installation. This is a great project that demonstrates the benefits of C-PACE and will result in significant energy cost savings for Fulford Manufacturing.”
“Reducing our energy costs is a major part of remaining competitive as a manufacturer,” said Justin Hart, President of Fulford Manufacturing. “That’s why we deeply appreciate the partnership with Rhode Island Infrastructure Bank and BankRI to finance our new rooftop solar project through the C-PACE program.”
Fulford Manufacturing’s rooftop solar system will be installed by North Smithfield, Rhode Island based Hillview Environmental.
About Rhode Island C-PACE
Rhode Island C-PACE is a program of the Rhode Island Infrastructure Bank that enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit www.riib.org/cpace.
About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
Bank Rhode Island, a wholly owned subsidiary of Brookline Bancorp, Inc. (NASDAQ:BRKL), is a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island. The bank operates 21 branches and more than 30 ATMs throughout Providence, Kent, Newport and Washington Counties. For more information, visit www.bankri.com.
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