Infrastructure Bank would allow businesses, municipalities to help finance energy savings

PROVIDENCE – A proposed state “Infrastructure Bank” could allow businesses and municipalities to tap into programs to help finance energy savings.
Gov. Gina M. Raimondo has recommended a $2 million appropriation for the initiative in fiscal 2016, which when combined with federal and regional funds would provide $7 million in starter money. The program will combine energy-related programs across state government and create new resources for businesses and state residents, according to the governor’s office.
The Clean Water Finance Agency, which has bonding authority, will be rebranded as the “Rhode Island Infrastructure Bank.” It will retain existing programs including the Clean Water, Drinking Water and Municipal Road and Bridge revolving funds, but will expand to include clean energy programs and an efficient building fund.
Under the proposal announced Wednesday, by Raimondo and Treasurer Seth Magaziner, the Infrastructure Bank would use the state’s seed money to issue a bond to allow renewable energy retrofits and programs for public buildings. The goal is to fund more than $23 million in energy efficiency projects, create jobs and reduce dependence on energy.
Under a recent change in federal law, state clean water revolving funds can also provide storm water management lending for private entities. This could help provide incentives for companies to mitigate storm water runoff, according to the governor’s office.
The proposed $2 million state appropriation for the Infrastructure Bank, included in Raimondo’s budget, would be combined with $5 million in federal stimulus funds (American Recovery and Reinvestment Act) and the state’s Regional Greenhouse Gas Initiative funds.

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  1. If the energy savings are real, the reduction in the client’s utility bill should be enough to fund the renewable energy product. The tax payers should not have to fund this program.