Infrastructure Bank Finances $1.7 Million In Energy Efficient Construction Projects via C-PACE Program
Rhode Island C-PACE Financed Projects in North Kingstown, South Kingstown, and Westerly
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced three energy efficiency construction projects receiving a total of more than $1.7 million in financing through the Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program:
- $538,244 in C-PACE financing to allow the St. Francis de Sales Parish in North Kingstown to construct a 249.5 kW ground mounted solar installation that will reduce 3,319 tons of CO2 emissions and save $1,273,642 in electricity costs over the expected 20-year useful life of the project.
- $448,750 in C-PACE financing to allow McQuade’s ACE Hardware in Westerly to construct a 200.2 kW roof mounted solar installation that will reduce 2,683 tons of CO2 emissions and save $1,147,243 in electricity costs over the expected 20-year useful life of the project.
- $715,000 in C-PACE financing to allow South County Investments in South Kingstown to install measures including water conservation, LED lighting, HVAC upgrades, insulation, and a 33 kW solar system that will reduce 1,210 tons of CO2 emissions and save $613,677 in energy costs over the expected useful life of the project.
“The Infrastructure Bank is pleased to help make these solar, water conservation, and energy efficiency construction projects happen via our C-PACE program,” said Jeffrey R. Diehl, CEO. “As Rhode Island’s commercial building owners look to upgrade their properties to make them more efficient, C-PACE is an excellent tool that can provide up to 100% project financing. That means no upfront, out-of-pocket costs, and no personal guarantees are needed to make these projects a reality. Repayment occurs via an assessment on the property and typically the energy cost savings from these upgrades outweigh the payment.”
“Greenworks Lending’s mission is to fund projects that have a positive impact on buildings, the businesses that occupy them, local communities and the environment,” said It should be attributed to Michael Doty, Director - New England, Greenworks Lending. “These two projects in particular had significant environmental and economic benefits. They are a perfect example of doing well by doing good.”
“Our congregation wanted to reduce our carbon footprint and our energy costs, so we began looking into solar as an option for our parish,” said Rev. David C. Procaccini, Pastor of St. Francis de Sales Parish in North Kingstown. “The upfront costs of solar installations can be excessive, but thanks to the Infrastructure Bank, we found a financing option through the Bank’s C-PACE program. We’re thrilled to be able to complete this project, reduce our carbon footprint, and save energy cost. We are truly grateful to the Infrastructure Bank for their help making this project a reality.”
“We were interested in the possibility of roof mounted solar, but we had just done a full remodel of our store. Without C-PACE financing this project would not have been possible. With no money out of pocket and C-PACE covering installation costs we will be cash flow positive from day one,” said Mark McQuade, General Manager of Ace McQuade’s in Westerly. “I’m looking forward to reduced electricity costs for years to come, and our customers can know they are shopping at an environmentally friendly hardware store.”
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