In 2015, Chapter 46-12.2 of Rhode Island General Laws created the Rhode Island Infrastructure Bank (RIIB), formerly the Rhode Island Clean Water Finance Agency, to serve as the central hub for existing and new green infrastructure financing initiatives. RIIB will make our state more economically competitive and put Rhode Islanders back to work by supporting energy efficiency and renewable energy projects that will help businesses, residents, and municipalities save money on their energy bills.
Established under Rhode Island General Laws, Chapter 46-12.2-4.2, the Efficient Buildings Fund (EBF) is a revolving loan fund to finance energy efficiency and renewable energy projects for municipally owned buildings and school facilities as well as quasi-governmental agency buildings. The purpose of this program is to provide financial assistance in the form of municipal lease obligations to local governmental units for deep energy savings projects where the annual energy savings achieved by the project exceed the annual debt service.
In order for a project to be eligible for financing, it must be scored and ranked on the Project Priority List (PPL), which is maintained by the Rhode Island Office of Energy Resources (OER), and include a technical audit or other technical analysis as approved by OER. The PPL is updated at least annually. Proposed projects must be in facilities owned by the local governmental unit.
In the first round of funding, RIIB will make approximately $20 million to $25 million in financing available for energy efficiency and renewable energy projects. Applications for the PPL are due on January 22, 2016. Please see the documents below for more information.
***PLEASE NOTE: The application should be completed electronically, but it cannot be saved. Please type directly into the PDF then print to submit in hardcopy and scan the printout to submit electronically.