The Rhode Island Infrastructure Bank (RIIB) will put Rhode Islanders back to work, improve energy efficiency, and make our state more economically competitive. As the central hub for existing and new green infrastructure financing initiatives, the RIIB will focus on energy efficiency and renewable energy projects that will save money for residents, businesses, and municipalities on their energy bills.

1. Office of the
General Treasurer
Seth Magaziner
RHODE ISLAND
INFRASTRUCTURE BANK
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2.  Rhode Island’s economy is struggling.
 Rhode Island lost 40,000 jobs during the recession; has gained less than 25,000 back
 Of the 11,000 construction jobs lost, RI has gained back fewer than 5,000
 Unemployment rate remains among the highest in the country
 Rhode Island’s energy costs among the nation’s highest
 Commercial electricity price the second highest of any state, 73% above national average
 Residential electricity price 46% above national average
 Municipalities spend more than $50 million annual on electricity
 Many opportunities to invest in energy efficiency unaddressed
 National Grid retrofit programs reach many customers, but are limited in scale
 Deep energy retrofits for large public and private buildings not adequately addressed
 RI eligible for millions of dollars of federal funds for energy efficiency that have gone un-used
RHODE ISLAND’S CHALLENGES
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3.  Maintain Existing Clean Water Finance Agency Programs
 Storm Water
 Drinking Water
 Road and Bridge
 Establish a PACE Program
 Private banks make loans to commercial and residential property owners
 Loans can be made for energy retrofits, small scale renewables, environmental improvements
 Owner achieves energy savings and increased property value; loans paid back through a charge on the
property tax bill
 Successful model that has worked in other states
 Establish a Fund for Public Building Retrofits
 Utilize millions of dollars of unused federal stimulus funds
 Help municipalities, schools districts and agencies save on energy costs
 $20-25 million of projects with minimal budget impact
 Authorized to manage federally – funded brownfield and commercial storm water loans
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RHODE ISLAND INFRASTRUCTURE BANK WILL:

4.  PACE program projected to produce $4-8 million of projects annually
 Connecticut commercial PACE program generates $20 million + annually
 RIIB can assist lenders by aggregating customers
 Deep energy retrofits can save building owners up to 30% on energy costs
 Efficient Buildings Fund to finance at least $37 million of public building projects
 $21 million initial lending
 $16 million revolving over several years
 15% energy savings across 50 large public buildings could save close to $1 million annually
 Hundreds of jobs created
 $1 million spent on construction projects funds 20 jobs / year
 RIIB will support hundreds of jobs
 Only $2 million general revenue allocation required
 $2 million leverages tens of millions of private and federal dollars
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PROJECTED IMPACT

5. Business Organizations State Agencies
Greater Providence Chamber of Commerce Office of the Governor
National Grid Office of Energy Resources
Rhode Island Bankers Association Department of Environmental Management
Rhode Island Builders Association Clean Water Finance Agency
Rhode Island Housing
Labor Organizations Department of Business Regulation
Rhode Island AFL-CIO
Rhode Island Building Trades Council Municipal Leaders
The RI Federation of Teachers and Health Professionals Mayor Scott Avedisian, Warwick
National Education Association – Rhode Island Mayor James A. Diossa, Central Falls
Service Employees International Union Manager Nancy Dodge, New Shoreham
Build Rhode Island Mayor Jorge O. Elorza, Providence
Administrator Paulette Hamilton, North Smithfield
Environmental Organizations Mayor Charles A. Lombardi, North Providence
The Acadia Center New England Clean Energy
Council
Mayor William Murray, Cumberland
Clean Water Action Save the Bay Manager Pamela T. Nolan, Narragansett
Conservation Law Foundation Sierra Club Manager Frederick J. Presley, West Warwick
Emerald Cities Providence Environmental Council of RI Administrator Antonio A. Teixeira, Bristol
PARTIAL LIST OF SUPPORTERS FOR ARTICLE 24
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