RIIB joins national summit to discuss PACE program

PROVIDENCE – The R.I. Infrastructure Bank this week joins the annual PACENation Summit in Denver, Colo., to discuss the nation’s Property Assessed Clean Energy market.

PACE, as it’s known colloquially, is a quasi-governmental program designed to connect contractors, building owners – or homeowners – and lenders to finance and complete building improvement projects.

RIIB currently runs a C-PACE program, implemented last year, designed for the commercial customers, and expects to introduce a comparable residential program soon.

RIIB is joined at the summit by government officials, financiers and other interested parties, and will look to attract private capital to the Rhode Island market, according to a press release.

- Advertisement -

The Rhode Island program expects to close 2017 with deals exceeding $12 million in value across 25 cities and towns. The residential PACE program, which hasn’t started yet in Rhode Island, has received some criticism elsewhere, as lending practices echo problems prevalent during the subprime mortgage crisis, according to a Wall Street Journal report.

No posts to display