NEW YORK, N.Y. – NYCEEC provided a Commercial Property Assessed Clean Energy (C-PACE) Loan to finance the installation of rooftop and ground-mount solar installations at a family-owned pizza restaurant outside of Providence, Rhode Island. The project will be installed at Angelo’s Palace Pizza on a 2.3-acre commercial property and is anticipated to provide nearly 300 kW DC power.
The C-PACE loan will fund project development, which, once completed, will offset electricity costs. The clean energy generated is expected to supply the electricity demand of the building and business. The excess generated energy will be sold back to the grid under Rhode Island’s Renewable Energy Growth Program.
Property Assessed Clean Energy (“PACE”) is a tax-assessment based financing mechanism, providing long-term financing for energy efficiency and renewable energy projects. PACE Loans are repaid as a charge on a building’s tax bill, and the long term of the loans enable the debt to stay with the property, even if there is a change in ownership.
Together with NYCEEC’s partners at the Rhode Island Infrastructure Bank, the C-PACE Administrator in Rhode Island, the project will support progress towards distributed clean energy goals in the state of Rhode Island. Among other things, this transaction demonstrates the increasing viability of using C-PACE loans to fund smaller projects that might have less access to capital.
From an Angelo’s team member working on the transaction: “At Angelo’s Palace Pizza, we are committed to sustainability and reducing our carbon footprint. We’re proud to announce two solar energy projects. The first is a rooftop installation that will significantly offset our energy consumption, enhancing our operational efficiency. Additionally, we are transforming an otherwise undevelopable section
of our property into a solar farm. This part of the property had no better use due to its limitations, but now it will contribute to a cleaner and greener energy solution. These initiatives reflect our dedication to both the environment and the future of Rhode Island’s clean energy goals.”
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
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