RI: Commercial PACE program open for business


Rhode Island’s C-PACE program has formally launched. Projects must be located in cities or towns that have opted into the program in order to be eligible for PACE financing. West Warwick became the first municipality to opt in, followed shortly by Smithfield. Several other municipalities have indicated their interest in participating in RI C-PACE. The new program supports energy efficiency improvements and renewables projects, including PV. Multi-family properties with five or more units qualify.

Long-term C-PACE financing covers 100% of a project’s cost and is repaid in quarterly payments for up to 25 years. Payments are made in the same manner as property tax payments. When the property is sold, the PACE assessment stays with the property and transfers to the new owner. In addition, most lease agreements allow RI C-PACE payments to be split among multiple tenants.