Renewable Energy Fund Loan Programs

Summary

The Rhode Island Economic Development Corporation (RIEDC) provides grants, loans and other forms of financing for renewable energy projects. These financial incentives are funded by the Rhode Island Renewable Energy Fund (RIREF), which was created in 1996. The four component programs are summarized below:

• Non-Profit Affordable Housing Investment Program. Available to non-profit affordable housing developers and agencies, this program provides incentives totaling up to $200,000 per year, with a maximum individual award of $100,000. Incentives could take the form of loans, grants, recoverable grants or other financial mechanisms. There are two application deadlines annually (March 31 and September 30).
• Municipal Renewable Energy Investment Program. Available to municipalities and teams of municipalities, this program provides grants and recoverable grants totaling up to $1 million per years, with a maximum individual award of $500,000. There are two application deadlines annually (March 31 and September 30).
• Pre-Development Consultant and Technical Feasibility Program. Available to businesses, civic and educational institutions, non-profits, municipalities, and non-profit affordable housing developers, this program provides incentives totaling up to $200,000 per year, with a maximum individual award of $100,000. Incentives could take the form of loans, grants or recoverable grants. There are two application deadlines annually (March 31 and September 30).
• Renewable Energy Development Program. Available to businesses, civic and educational institutions, non-profits, municipalities, and non-profit affordable housing developers, this program provides incentives totaling up to $750,000 per year, with a maximum individual award of $250,000. Incentives could take the form of loans, grants, recoverable grants or other financial mechanisms. Applications are accepted on a rolling basis.

Renewable energy systems eligible for support from the RIREF include facilities in the New England Power Pool that generate electricity using solar, wind, wave, tidal, ocean-thermal, geothermal, hydro or sustainably-managed biomass resources. Solar-thermal systems (including solar space-heating systems) installed state-certified low-income housing projects are also eligible.

The RIEDC has developed specific criteria to evaluate proposed projects. See the program web site for more information.