Funding Provides Major Cost, Energy Savings for R.I. Business
PROVIDENCE, RI – Rhode Island Infrastructure Bank (RIIB) today announced that the first two Rhode Island Commercial Property Assessed Clean Energy (RI C-PACE) projects have received financing. RI C-PACE provides financing for clean energy projects that lead to significant cost and energy savings for commercial and industrial property owners.
Collectively, the projects will reduce annual CO2 emissions by 188.6 tons, which is equivalent to the CO2 emissions from over 452,000 miles driven by the average passenger vehicle.These first projects call for the installation of roof-mounted solar panels on two office buildings in Middletown. The properties are owned by the financial services firm, Embrace Home Loans. Combined, the projects will save the firm an estimated $226,000 in energy costs across the 20-year financing term. The total investment in the energy savings projects is $1.2 million.read more