R.I. Gen. Laws § 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 that 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.