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Rhode Island

Rhode Island

Incentives/Policies for Renewables & Efficiency

Printable Version
Local Option - Property-Assessed Clean Energy Financing   

Last DSIRE Review: 08/23/2013
Program Overview:
State: Rhode Island
Incentive Type: PACE Financing
Eligible Efficiency Technologies: Unspecified Technologies
Eligible Renewable/Other Technologies: Photovoltaics, Wind, Fuel Cells using Renewable Fuels
Applicable Sectors: Residential
Authority 1:
Date Enacted:
Date Effective:
HB 6019 Sub A
7/15/2013
7/15/2013
Summary:
Note: The Federal Housing Financing Agency (FHFA) issued a statement in July 2010 concerning the senior lien status associated with most PACE programs. In response to the FHFA statement, most local PACE programs have been suspended until further clarification is provided. 
 
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Rhode Island has authorized local governments to establish such programs, as described below. (Not all local governments in Rhode Island offer PACE financing; contact your local government to find out if it has established a PACE financing program.)
 
After January 1, 2014, a town or city council may adopt a resolution to designate itself a PACE municipality. Homeowners living in a PACE municipality can enter into a written agreement with the local government to have a PACE assessment lien placed on their property. The lien will be subordinate to all other liens on the property at the time the PACE lien takes effect.  
 
The Rhode Island Office of Energy Resources will contract with an approved financial institution to create a Loan Loss Reserve Fund. In the event that there is a foreclosure on a property with a PACE assessment, the Loan Loss Reserve Fund will cover the past due balance of the PACE assessment.  The Rhode Island Office of Energy Resources will also publish a list of eligible types of energy efficiency and renewable energy projects that will qualify for PACE financing. The office will also develop informational resources to help residents understand PACE financing, and provide technical assistance to and offer to manage PACE programs on behalf of any PACE municipality. 
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.