R.I. Infrastructure Bank recently announced $17.2 million in financing for energy efficiency and renewable energy projects in six Rhode Island communities.
These projects represent the first round of funding through the Infrastructure Bank's Efficient Buildings Fund, a revolving loan fund created to finance energy projects for municipally owned buildings, school facilities, and quasi-governmental agency buildings.
The initial round of funding will go toward projects in Pawtucket, Providence, Cranston, West Warwick, Westerly and Newport, and is expected to create or support 263 jobs, according to state officials.
The announcement was made at a launch event in Pawtucket, which is receiving $3.9 million for the installation of LED streetlights, high-efficiency boilers, energy-efficient windows and lights, and Wi-Fi programmable thermostats. The projects are expected to save taxpayers more than $750,000 annually in avoided energy and maintenance costs.
"As Pawtucket continues to capitalize on its positive momentum and reinvest in its infrastructure we are thrilled to have RIIB as a resource as we move towards future growth," said Pawtucket Mayor Donald Grebien.
"Rhode Island Infrastructure Bank is putting Rhode Islanders back to work, strengthening our infrastructure and reducing our demand for energy by providing a dependable source of capital," said Governor Gina Raimondo.
In total, the projects will save enough energy to meet the average annual energy needs of 832 Rhode Island households, and reduce carbon emissions by 7,878 metric tons annually. The reduction of greenhouse gasses is equivalent to 18.9 million miles driven by an average passenger vehicle.
"The Infrastructure Bank is succeeding in its mission to jumpstart local energy-saving projects, and we are providing new opportunities for cities and towns to save money on energy costs, so they have more money to invest in education, infrastructure and tax relief for their residents."