{"data":{"id":"us-ri/r.i.-gen.-laws-39-26.5-1","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 39-26.5-1","heading":"Legislative findings.","body":"It is hereby found and declared:\n(1) Investing in energy efficiency and renewable energy improvements is financially beneficial over time, as well as good for the environment;\n(2) Upfront costs are a barrier to investments in major energy improvements for both commercial and residential property owners;\n(3) There are few financing options available that combine easy qualification, an attractive interest rate, and a relatively long repayment term;\n(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;\n(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\n(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.","path":["Title 39 Public Utilities and Carriers","Chapter 26.5 Property Assessed Clean Energy Program"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE39/39-26.5/39-26.5-1.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:59:21Z","sha256":"4338397da61378f19be81dabd50574b6c5e5d5037e58a7d1f3fcc1dc7f36ba66","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-39-26.4-5","next":"us-ri/r.i.-gen.-laws-39-26.5-2"},"notice":"GroundRules: Original legal text. Not legal advice."}