More Options for Financing Renewable Energy Projects in Rhode IslandJanuary 28, 2014
Are you generating electricity for onsite consumption?
There is some great news on the financing front for renewable energy projects in Rhode Island. The Rhode Island Commerce Corporation (Commerce RI) is now accepting applications to help fund commercial renewable energy projects to generate electricity for onsite consumption. This is the first application block of four in the commercial scale funding program with applications due March 7, 2014. Commerce RI’s Renewable Energy Development Fund (REF) offers grants for projects that focus on creating cleaner and more sustainable electricity.
All renewable energy projects must be in accordance with the 2014-2016 Rules and Regulations for the REF programs. These rules and regulations along with application information can be found on the Commerce RI website. Eligible sectors include businesses, institutions, non-profit organizations, municipalities and multi-unit residential properties with technologies in accordance with RIGL § 39-2-1.2.
Grant amounts awarded by REF are based on the rated direct current (DC) capacity of a renewable energy project. Incentives are capped at $350,000 for a single project which would allow for maximum use of program funds with a 475 kilowatt (kW) system. There is $4 million available for these grants on a first come, first serve basis. Here is a breakdown of how the per watt (W) incentive will be funded:
$1.25/W For the first 0-50kW
$1.10/W For the 2nd 50kW (up to 100kW)
$0.95/W For the 3rd 50kW (up to 150 kW)
$0.80/W For the 4th 50kW (up to 200 kW)
$0.65/W For the 5th 50kW (up to 250 kW)
$0.50/W For all installed capacity over the first 250 kW
There are certain requirements that must be met in order to be considered for the funding from the REF. Some of these requirements include having an energy audit conducted; a signed turnkey contract with a renewable energy installer (contingent on funding by the REF); a completed return on investment/simple payback analysis, and an interconnection application filed with National Grid.
Funding from the REF will benefit your Rhode Island based project while creating cleaner usable energy and more jobs for our state’s economy. With only $4 million available for the program, now is the time to act. If you are interested but uncertain on where to start, including understanding application details and requirements, we are here to help. Please contact me or any member of the Renewable Energy Services team to learn more about the program and investing in renewable energy projects.
** Register now for Financing Renewable Energy Projects to learn about:
- Public and private funding sources
- Rhode Island incentive programs
- Federal tax credits
- Depreciation allowances for renewable energy projects