Treasurer Magaziner today joined state and local officials to tour a rooftop solar array at Embrace Homes Loans in Middletown, one of the first Commercial Property Assessed Clean Energy (C-PACE) projects developed as part of the Treasurer's commitment to creating jobs and supporting local businesses.
"Helping Rhode Island's businesses invest in energy efficient projects reduces utility costs, reduces our reliance on fossil fuels and helps businesses that employ everyday Rhode Islanders invest in their future," said Treasurer Magaziner. "I am committed to continue to find opportunities, like the ones we have created through the Rhode Island Infrastructure Bank, to put Rhode Islanders to work building up the businesses and green infrastructure that will help Rhode Island stay competitive now, and into the future."
Throughout his first term, Treasurer Magaziner has led the development of several green energy initiatives within the Rhode Island Infrastructure Bank (RIIB). In addition to C-PACE, the Treasurer created the Efficient Building Fund to help cities and towns finance cost-saving energy projects for public buildings and utilities.
Embrace Home Loans owns two buildings at their Middletown, RI headquarters. With low-cost financing provided by the C-PACE program, the company installed solar panels on both buildings, in addition to adding an emergency generator to one of the properties for increased resiliency of their operations.
"This project represents a great example of how C-PACE financing can accelerate clean energy development in the state," said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. "We congratulate Embrace Home Loans for being among the first to utilize this program and look forward to working with more businesses across the state to expand clean energy projects through the C-PACE program."
The installed renewable energy capacity is 351 kW for both properties. These investments are expected reduce greenhouse gas emissions by 189 tons annually, which is equivalent to the emissions of 453,000 miles driven by the average passenger car. The investments will result in energy savings equivalent to the annual energy use of 573 homes.
"Embrace wants to be a good steward of our environment," said Deanna Roy, Vice President of Embrace Home Loans. "Installing solar panels not only reduces our carbon footprint, it is also expected to save the company more than $1 million over the next 25 years."
"CPACE is a critical tool for helping owners of commercial and nonprofit properties start the transition to renewable energy, while lowering their overall usage and costs," said State Energy Commissioner Carol Grant. "I congratulate Embrace Home Loans, the Rhode Island Infrastructure Bank, Sustainable Real Estate Solutions and the numerous other partners who made this milestone accomplishment possible. We look forward to celebrating many more C-PACE projects throughout Rhode Island."
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Rhode Island Infrastructure Bank's Commercial Property Assessed Clean Energy (C-PACE) program is an innovative financing program for energy efficiency and renewable energy projects in commercial and industrial properties. Treasurer Magaziner worked to develop energy efficiency programs within the Bank to help finance energy efficiency and renewable energy projects across the state.
With corporate headquarters in Middletown, RI, Embrace Home Loans has been helping homeowners with their mortgage financing needs since 1983. Embrace operates nationwide and has 790 employees, with 421 employees based in Rhode Island.