§ 39-26.5-1. Legislative findings. It is hereby found and declared: (1) Investing in energy efficiency and renewable energy improvements is financially beneficial over time, as well as good for the environment; (2) Upfront costs are a barrier to investments in major energy improvements for both commercial and residential property owners; (3) There are few financing […]
§ 39-26.5-10. Operations. The PACE program shall operate in accordance with all generally accepted banking practices and real estate practices, except as specifically stated within. History of Section.P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1.
§ 39-26.5-11. Rules and regulations. (a) The Rhode Island infrastructure bank shall consult with the office of energy resources to promulgate rules and regulations, in accordance with this section, and in accordance with chapter 35 of title 42. Such rules and regulations should ensure that the PACE program does not adversely affect the implementation of […]
§ 39-26.5-2. Definitions. As used in this chapter, the following definitions apply: (1) “Commercial property” means a property operated for commercial purposes, or a residential property that contains five (5) or more housing units. (2) “Distributed-generation system” means an electrical-generation facility located in the electric distribution company’s load zone with a nameplate capacity no greater […]
§ 39-26.5-3. Property-Assessed Clean Energy Municipality. A town or city council by resolution may designate the municipality as a “PACE municipality.” History of Section.P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9.
§ 39-26.5-4. [Repealed.] History of Section.P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; Repealed by P.L. 2015, ch. 141, art. 14, § 10, effective June 30, 2015.
§ 39-26.5-4.1. Financing agreements — PACE assessments — PACE liens. (a) The Rhode Island infrastructure bank or a third-party capital provider may enter into a financing agreement with a qualifying PACE property owner. After such agreement is entered into, and upon notice from the Rhode Island infrastructure bank, the PACE municipality shall: (i) Place a […]
§ 39-26.5-5. Rights of PACE property owners. A PACE property owner may enter into a contract for the installation or construction of a project relating to renewable energy as defined in § 39-26-5, or relating to energy efficiency as defined in § 39-1-27.7 or as defined by the Rhode Island infrastructure bank pursuant to regulations […]
§ 39-26.5-6. Priority of PACE lien. (a) A PACE lien on a residential property shall be: subordinate to all liens on the residential property in existence at the time the residential PACE lien is filed; subordinate to a first mortgage on the residential property recorded after the PACE lien is filed; and superior to any […]
§ 39-26.5-7. Administration of PACE — Loan loss reserve fund. (a) The Rhode Island infrastructure bank is hereby authorized to create, set up on its books, and administer one or more PACE funds for the purpose of providing financial assistance to residential and commercial property owners for PACE projects. Additionally, the Rhode Island infrastructure bank […]
§ 39-26.5-8. Assistance to municipalities. The Rhode Island infrastructure bank shall: (1) Publish on its website a list of the types of PACE-eligible energy efficiency, renewable energy, and other projects as defined in rules and regulations promulgated under § 39-26.5-11; (2) Provide information concerning implementation of this chapter to each municipality that requests such information; […]
§ 39-26.5-9. Monitoring, reporting, compliance, underwriting criteria. The Rhode Island infrastructure bank shall determine compliance with the underwriting criteria, standards, and procedures set forth in the rules and regulations promulgated in accordance with this chapter and shall include an accounting of the PACE program in the annual report due each year under § 46-12.2-24.1. The […]
