Rhode Island Infrastructure Bank C-PACE (Commercial Property Assessed Clean Energy)
Rhode Island Infrastructure Bank (RIIB)
Up to 100% of project cost
Researched for this program: 5 rejection traps · 5 required documentsWhat decides this award ↓
Zero-upfront clean-energy financing
Rhode Island C-PACE, run by the Rhode Island Infrastructure Bank (the state's green bank), lets owners of commercial and industrial buildings finance up to 100% of eligible energy-efficiency, renewable-energy, water-conservation, and environmental health-and-safety improvements with no upfront capital. Private capital providers fund the projects at competitive rates, and owners repay over terms up to 25 years through a property tax assessment that stays with the building if it is sold. Eligible buildings include offices, manufacturing facilities, agricultural operations, nonprofits, and multifamily buildings of 5 or more units, for both existing properties and new construction. The structure makes long-term clean-energy financing reachable for small Rhode Island businesses that lack the cash for an upfront equipment purchase.
- Funding type
- Loan
- Level
- State
- Amount range
- Up to 100% of project cost
- Realistic amount
- Rhode Island C-PACE projects have ranged from modest lighting and HVAC retrofits to larger renewable and new-construction packages; RIIB has financed individual rounds such as $1.7 million across multiple construction projects. Small-business retrofits typically fall in the $25,000–$300,000 range.
- Deadline
- Rolling — applications accepted year-round in participating Rhode Island municipalities.
- Status
- active
- States
- Rhode Island
- Payment model
- loan
Who qualifies
- Owner of a commercial or industrial building in a participating Rhode Island municipality (offices, manufacturing, agricultural, nonprofit, multifamily 5+ units)
- Both existing buildings and new construction qualify
- Project must be an eligible energy-efficiency, renewable-energy, water-conservation, or environmental health-and-safety improvement
- Existing mortgage holder consent required (C-PACE assessment is senior)
- Property taxes generally must be current
What it covers
Eligible expenses
- Renewable-energy generation systems (solar PV and others)
- Lighting retrofits and high-efficiency HVAC
- Insulation and building envelope improvements
- Water-conservation measures
- Alternative-fuel infrastructure (e.g., EV charging stations)
- Environmental health-and-safety improvements (e.g., asbestos or lead abatement) tied to the project
- Project soft costs (engineering, audits, installation)
Ineligible expenses
- Improvements not permanently affixed to the property
- Residential 1–4 unit properties
- Standalone purchases unrelated to an eligible efficiency/renewable scope
- Routine maintenance with no energy or eligible-category benefit
How to apply
-
1
Confirm eligibility and scope project
Verify the property is in a participating municipality and identify eligible measures (efficiency, renewables, water, health/safety). Obtain a contractor scope and cost estimate.
~3 hrs
-
2
Apply through Rhode Island Infrastructure Bank
Submit the project to RIIB with scope, costs, and projected energy savings. RIIB reviews eligibility and coordinates with a private capital provider.
~5 hrs
-
3
Obtain mortgage-holder consent
Secure written consent from any existing mortgage holder, since the C-PACE assessment lien is senior to other property-secured debt.
~4 hrs
-
4
Close financing and build
Execute the financing agreement, complete the improvements, and repay through the property tax assessment over a term up to 25 years.
~3 hrs
Rhode Island C-PACE is one of the few programs that finances environmental health-and-safety work (asbestos/lead abatement) bundled into a clean-energy retrofit — useful for older commercial buildings. Because repayment rides on the tax bill, you can pass the assessment to a future buyer rather than carrying business debt.
Deadline & timing
No application window. Available statewide in municipalities that have adopted C-PACE; financing closes deal-by-deal.
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