Tax Incentives
Commercial & Industrial Customers
New Generation Energy - Community Food Service
Efficiency Lending Program
Incentive Type:
Local Loan Program
State:
Rhode Island
Eligible Efficiency Technologies:
Refrigerators/Freezers, Custom/Others pending approval, Convection Ovens, Steamer, Fryer
Applicable Sectors:
Commercial, Industrial, Nonprofit, Schools, Agricultural, (any for-profit or non-profit enterprise involved in food storage or cooking)
Amount:
$5,000 to $100,000
Max. Limit:
$100,000
Terms:
Loans up to 1-10 years, rates vary from 0 to 5% (subject to change)
Web Site:
www.newgenerationenergy.org
Summary:
The Boston-based, non-profit organization New Generation Energy offers low interest loans for the installation of ENERGY STAR rated kitchen appliances via its Community Food Service Efficiency Lending Program. The ENERGY STAR appliance loans are available to companies (including sole-proprietorship) and non-profits in New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), with an emphasis on those located in low and middle-income communities. Examples of eligible organizations include restaurants, school cafeterias, church commissaries, coffee shops, grocery stores, and wholesale food distributors (in other words, any business or non-profit that stores or cooks food). The interest rate is currently 5.0%, although certain projects may be awarded grants and receive a lower interest rate. Only projects applying for loans are eligible for grants. The interest rate and terms are subject to change.
Interested businesses and non-profits should work with ENERGY STAR rated appliance distributors and/or installers to receive a price quote. After quotes have been received, they must submit a pre-application to the Community Lending Program. New Generation Energy staff will review the pre-application and will invite only qualified projects to complete a full application. A personal guarantee is normally required for loans. After a site visit, the final determination is made and loan terms are offered to the successful applicants.
There are also loans available solar electric and solar water heating. For additional information and a pre-application, contact New Generation Energy directly.
Contact:
Community Lending Officer
New Generation Energy
Community Lending Program
101 Merrimac Street
Boston, MA 02114
Phone: (617) 624-3688
E-Mail: clp@newgenerationenergy.org
Web Site: www.newgenerationenergy.org
New Generation Energy - Community Solar Lending Program
Incentive Type:
Local Loan Program
State:
Rhode Island
Eligible Renewable/Other Technologies:
Solar Water Heat, Photovoltaics
Applicable Sectors:
Commercial, Industrial, Nonprofit, Schools, Multi-Family Residential, Low-Income Residential, Agricultural, (any for-profit or non-profit enterprise)
Amount:
$5,000 to $100,000
Max. Limit:
$100,000
Terms:
Loans up to 1-10 years, rates vary from 0 to 5% (subject to change)
Web Site:
www.newgenerationenergy.org
Summary:
The Boston-based non-profit organization New Generation Energy offers low interest loans for the installation of solar electric and solar water heating systems via its Community Lending Program. The solar loans are available to companies (including sole-proprietorship) and non-profits in New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), with an emphasis on those located in low and middle-income communities. The interest rate is currently 5.0%, although certain projects may be awarded grants and receive a lower interest rate. Only projects applying for loans are eligible for grants. The interest rate and terms are subject to change.
Interested businesses and non-profits should work with solar distributors and/or installers to receive a price quote. After quotes have been received, they must submit a pre-application to the Community Lending Program. New Generation Energy staff will review the pre-application and will invite only qualified projects to complete a full application. A personal guarantee is normally required for loans. After a site visit, the final determination is made and loan terms are offered to the successful applicants.
There are also loans available for the purchase of Energy Star kitchen appliances for organizations and business involved in food sales and service. For additional information and a pre-application, contact New Generation Energy directly.
Contact:
Community Lending Officer
New Generation Energy
Community Lending Program
101 Merrimac Street
Boston, MA 02114
Phone: (617) 624-3688
E-Mail: clp@newgenerationenergy.org
Web Site: www.newgenerationenergy.org
Local Option - Property Tax Exemption for Renewable Energy Systems
Incentive Type:
Property Tax Exemption
State:
Rhode Island
Eligible Renewable/Other Technologies:
Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Small Hydroelectric
Applicable Sectors:
Commercial, Industrial, Residential, Agricultural
Amount:
Varies (local option)
Authority 1:
R.I.G.L § 44-3-21
Date Enacted:
1980
Summary:
Rhode Island law allows cities and towns to exempt renewable-energy systems from property taxation (via ordinance). The term “renewable energy system” is not defined in the applicable statute (R.I. Gen. Laws § 44-3-21).
Note that a separate statute (R.I. Gen. Laws § 44-57-4) specifies that for purposes of local municipal property tax assessment, certain residential solar-energy systems may not be assessed at more than the value of a conventional heating system, a conventional hot-water system or energy production capacity that otherwise could be necessary to install in a building. Qualifying technologies include photovoltaic (PV) systems, solar water-heating systems and active solar space-heating systems.
Contact:
Charles Hawkins
Rhode Island Office of Energy Resources
One Capitol Hill
Providence, RI 02908-5890
Phone: (401) 222-3370
Fax: (401) 222-1260
E-Mail: CHawkins@energy.ri.gov
Web Site: www.energy.ri.gov
Renewable Energy Sales Tax Exemption
Incentive Type:
Sales Tax Exemption
State:
Rhode Island
Eligible Renewable/Other Technologies:
Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Geothermal Heat Pumps, Solar Pool Heating
Applicable Sectors:
Commercial, Residential, General Public/Consumer
Amount:
100% exemption
Maximum Incentive:
None
Authority 1:
R.I.G.L § 44-18-30
Date Effective:
7/15/2005
Summary:
Certain renewable energy systems and equipment sold in Rhode Island are exempt from the state's sales and use tax. Eligible products include solar electric systems, inverters for solar electric systems, solar thermal systems, manufactured mounting racks and ballast pans for solar collectors, geothermal heat pumps, and wind turbines and towers.
Contact:
Charles Hawkins
Rhode Island Office of Energy Resources
One Capitol Hill
Providence, RI 02908-5890
Phone: (401) 222-3370
Fax: (401) 222-1260
E-Mail: CHawkins@energy.ri.gov
Web Site: www.energy.ri.gov
RIEDC - Renewable Energy Fund Grants
Incentive Type:
State Grant Program
State:
Rhode Island
Eligible Renewable/Other Technologies:
Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, Anaerobic Digestion, Tidal Energy, Wave Energy, Ocean Thermal, Fuel Cells using Renewable Fuels
Applicable Sectors:
Commercial, Industrial, Nonprofit, Schools, Local Government, Multi-Family Residential, Low-Income Residential, Agricultural, Institutional
Amount:
Varies by project
Maximum Amount:
$750,000 (varies by project type)
Funding Source:
Rhode Island Renewable Energy Fund (RIREF)
Web Site:
www.riedc.com/business-services/renewable-energy
Authority 1:
R.I. Gen. Laws § 39-2-1.2
Authority 2:
H.B. 7806
Date Enacted:
7/4/2008
Authority 3:
RIEDC Rules and Regulations for the Renewable Energy Development Fund
Date Enacted:
11/24/2008
Date Effective:
12/15/2008
Summary:
The Rhode Island Economic Development Corporation (RIEDC) is now accepting financing applications for renewable energy projects that "directly benefit the state of Rhode Island." These financial incentives, which include grants, recoverable grants and loans, are funded by the Rhode Island Renewable Energy Fund (RIREF). The program areas include:
- Non-profit Affordable Housing Investment Program for non-profit affordable housing developers and agencies: $100,000 per award per year (total of $200,000 funding available). Applications due by March 31 and September 30.
- Municipal Renewable Energy Investment Program for municipalities: $500,000 per award per year (up to $1 million in funding available for all projects). Applications due by March 31 and September 30.
- Pre-development Consultant and Technical Feasibility Program for business, commercial, not-for-profit, municipal and institutional projects: no project cap or limit, but funding limited to no more than $200,000 per year. Applications due by March 31 and September 30.
- Renewable Energy Development Program for business, commercial, not-for-profit and institutional projects: project cap of $750,000 per award year (funding is the remaining balance of the RIREF). Applications accepted on a rolling-basis.
Renewable energy systems eligible for support from the RIREF include facilities in the New England Power Pool control area 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) are eligible if installed on low-income housing projects certified by the Rhode Island Housing and Mortgage Finance Corporation.
The RIEDC has created specific criteria for evaluation that include the project's technical feasibility, financial viability, anticipated amount of renewable energy to be produced, estimated cost per kilowatt-hour of energy to be produced, project management capabilities, and time to market. There are additional criteria for each type of application (business, nonprofit affordable housing, municipal or technical and feasibility study). In general applicants must explain how the project will help promote the expansion and sound development of renewable energy in the state. Visit the RIEDC web site for additional evaluation criteria and application submission deadlines.
Contact:
Jennifer Paolino
Rhode Island Economic Development Corporation
315 Iron Horse Way, Suite 101
Providence, RI 02908
Phone: (401) 278-9126
Fax: (401) 273-8270
E-Mail: jpaolino@riedc.com
Web Site: www.riedc.com/business-services/renewable-energy
Julian Dash
Rhode Island Economic Development Corporation
315 Iron Horse Way, Suite 101
Providence, RI 02908
Phone: (401) 278-9138
Fax: (401) 273-8270
E-Mail: jdash@riedc.com
Web Site: www.riedc.com/business-services/renewable-energy
RIEDC - Renewable Energy Fund Loans
Incentive Type:
State Loan Program
State:
Rhode Island
Eligible Renewable/Other Technologies:
Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, Anaerobic Digestion, Tidal Energy, Wave Energy, Ocean Thermal, Fuel Cells using Renewable Fuels
Applicable Sectors:
Commercial, Industrial, Nonprofit, Schools, Local Government, Multi-Family Residential, Low-Income Residential, Agricultural, Institutional
Amount:
Varies by project
Maximum Amount:
$750,000 (varies by project type)
Funding Source:
Rhode Island Renewable Energy Fund (RIREF)
Web Site:
www.riedc.com/business-services/renewable-energy
Authority 1:
R.I. Gen. Laws § 39-2-1.2
Authority 2:
H.B. 7806
Date Enacted:
7/4/2008
Authority 3:
RIEDC Rules and Regulations for the Renewable Energy Development Fund
Date Enacted:
11/24/2008
Date Effective:
12/15/2008
Summary:
The Rhode Island Economic Development Corporation (RIEDC) is now accepting financing applications for renewable energy projects that "directly benefit the state of Rhode Island." These financial incentives, which include grants, recoverable grants and loans, are funded by the Rhode Island Renewable Energy Fund (RIREF). The program areas include:
- Non-profit Affordable Housing Investment Program for non-profit affordable housing developers and agencies: $100,000 per award per year (total of $200,000 funding available). Applications due by March 31 and September 30.
- Municipal Renewable Energy Investment Program for municipalities: $500,000 per award per year (up to $1 million in funding available for all projects). Applications due by March 31 and September 30.
- Pre-development Consultant and Technical Feasibility Program for business, commercial, not-for-profit, municipal and institutional projects: no project cap or limit, but funding limited to no more than $200,000 per year. Applications due by March 31 and September 30.
- Renewable Energy Development Program for business, commercial, not-for-profit and institutional projects: project cap of $750,000 per award year (funding is the remaining balance of the RIREF). Applications accepted on a rolling-basis.
Renewable energy systems eligible for support from the RIREF include facilities in the New England Power Pool control area 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) are eligible if installed on low-income housing projects certified by the Rhode Island Housing and Mortgage Finance Corporation.
The RIEDC has created specific criteria for evaluation that include the project's technical feasibility, financial viability, anticipated amount of renewable energy to be produced, estimated cost per kilowatt-hour of energy to be produced, project management capabilities, and time to market. There are additional criteria for each type of application (business, nonprofit affordable housing, municipal or technical and feasibility study). In general applicants must explain how the project will help promote the expansion and sound development of renewable energy in the state. Visit the RIEDC web site for additional evaluation criteria and application submission deadlines.
Contact:
Julian Dash
Rhode Island Economic Development Corporation
315 Iron Horse Way, Suite 101
Providence, RI 02908
Phone: (401) 278-9138
Fax: (401) 273-8270
E-Mail: jdash@riedc.com
Web Site: www.riedc.com/business-services/renewable-energy
Jennifer Paolino
Rhode Island Economic Development Corporation
315 Iron Horse Way, Suite 101
Providence, RI 02908
Phone: (401) 278-9126
Fax: (401) 273-8270
E-Mail: jpaolino@riedc.com
Web Site: www.riedc.com/business-services/renewable-energy
|
For Your Business
Business Links
Tax Incentives
Frequently Asked Questions
|
