Rhode Island Program Financing Commercial Energy Efficiency Projects Expected To Expand

A program designed to finance projects to make commercial buildings more energy efficient is growing in Rhode Island. Thirteen more municipalities are working to participate in the Rhode Island Commercial Property Assessed Clean Energy program. Fourteen other municipalities have already joined since the program launched in May 2016.

The program helps connect commercial building owners with private lenders so owners can make their buildings more energy efficient. Methods include adding solar panels, lights with sensors, programmable thermostats, and replacing old boilers.

Michael Baer, senior advisor to the executive director at Rhode Island Infrastructure Bank, which sponsors the program, said the program is beneficial because it adds more jobs to the state’s clean energy sector. Baer said the program also helps reduce air pollution and increases cash flow for businesses by lowering their operating costs.

Baer said what makes this program different from traditional commercial loans is that financing is secured by a municipal benefit assessment that allows longer-term financing options which are transferable if the owner sells the building.

Read the full article at Rhode Island Public Radio.