General Treasurer Seth Magaziner and Mayor Jorge Elorza today joined state and local officials to tour energy efficiency upgrades to the Providence Fire Garage facility.
The City of Providence is upgrading five city-owned buildings which were built between 1929 and 1950. The energy efficiency upgrades include replacing boilers and hot water heaters, along with the installation of roof insulation, programmable thermostats, and LED lighting.
"Investing in Rhode Island's infrastructure through energy efficiency upgrades saves taxpayer dollars by reducing utility costs, while also reducing greenhouse gas emissions," said Treasurer Magaziner. "This financing also supports the construction and building jobs that our state needs."
The upgrades, which are made possible by a $1.2 million low interest loan from the Rhode Island Infrastructure Bank, will reduce energy consumption in the five buildings by greater than 40%, saving more than $400,000 after debt service over the useful life of the improvements.
"These projects are an important investment for our buildings, the employees who work in these facilities, the city's long-term financial health, and the environment of our city," said Mayor Jorge Elorza. "I'd like to thank the leadership of the Treasurer and the Rhode Island Infrastructure Bank for supporting this critical work to make our public buildings stronger and more resilient."
Treasurer Magaziner and Mayor Elorza were joined on the tour by State Representatives Grace Diaz and Aaron Regunberg, along with Rhode Island Infrastructure Bank CEO Jeffrey Diehl. The tour was led by Providence's Director of Sustainability, Leah Bamberger and George Lazzareschi, the manager of the Providence Fire Garage.
"The Efficient Buildings Fund is providing Rhode Island's municipalities with opportunities to strengthen their infrastructure, cut costs, and reduce energy usage. The program is making our cities more energy efficient and creating jobs," said Jeff Diehl, CEO of Rhode Island Infrastructure Bank. "We look forward to working with the City of Providence on future projects."
During its first round of financing, Rhode Island Infrastructure Bank provided financing to support a variety of energy efficiency and renewable energy projects in Pawtucket, Providence, Cranston, West Warwick, Westerly and Newport.
The first round of projects financed through Rhode Island Infrastructure Bank's Efficient Buildings Fund program is expected to create or support 263 jobs and ultimately save local taxpayers more than $20 million in energy costs.