Rhode Island solar developers such as Direct Energy Solar have long helped privately owned businesses save money on their electricity costs with highly reliable clean energy solar systems. With the development of a Commercial PACE program and the subsequent entry of Greenworks Lending as a capital provider, RI is poised for a significant economic development opportunity. The indicator: the first closed C-PACE loan in the state.

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“In conjunction with Greenworks Lending, we were able to show Embrace Home Loans a solar energy solution that allowed them to take full advantage of Federal tax incentives as well as the Rhode Island Renewable Energy Grant program,” stated Ron French, Head of Commercial Solar for Direct Energy Solar headquartered in Columbia, Maryland. “They’re a mortgage lender, so when we started talking to them about solar and Commercial Pace, they were quick to understand the environmental and financial benefits and were ready to break ground as the first C-PACE financed project in the state,” he continued.

Rhode Island’s first C-PACE financed investment supports two solar installations at Embrace Home Loans headquarter offices at 25 and 110 Enterprise Center, a Class A office park outside of Newport, Rhode Island. Combined, Direct Energy Solar’s installations span 960 panels and deliver over 400,000 kilowatt hours of power annually. Savings projected over the life of the system (20 years) exceed $1MM.

The project is making news as a “first” in local news media and has drawn recognition from Rhode Island Governor, Gina Raimondo. Click here or on the preview image at right to view an article featuring her commentary on the C-PACE program and clean energy efforts in her state.

SOCIALICON
SOCIALICON