§ 39-26.5-1. Legislative findings. It 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 which 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.

History of Section. (P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9.)