Section 39-26.5-1 - Legislative findingsIt 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 options available that combine easy qualification, an attractive interest rate, and a relatively long repayment term;(4) Property-Assessed Clean Energy, hereinafter referred to as PACE, is a voluntary financing mechanism that allows both residential and commercial property owners to access affordable, long-term financing for renewable energy and energy-efficiency upgrades including, but not limited to, system-reliability upgrades, alternative fuel infrastructure upgrades, and other eligible environmental health and environmental safety upgrades on their property;(5) PACE financing offers incremental, special-assessment payments that are low and fixed for up to twenty (20) years, with no upfront costs; the PACE special-assessment fees transfer to the new owner when a property is sold, or the assessment obligation can be paid in full at transfer; and electricity and fuel bills are lower than they would be without the improvements; and(6) PACE financing will create a means for Rhode Island cities and towns to provide a mechanism to increase community sustainability, greenhouse gas emissions reductions, and meet other energy goals and will also provide a valuable service to the citizens of their communities.R.I. Gen. Laws § 39-26.5-1
Amended by 2015 Pub. Laws, ch. 141, § 14-9, eff. 6/30/2015.Amended by 2015 Pub. Laws, ch. 141, § 14-8, eff. 6/30/2015.Added by 2013 Pub. Laws, ch. 361, § 1, eff. 7/15/2013.Added by 2013 Pub. Laws, ch. 271, § 1, eff. 7/15/2013.