- Rhode Island officials have seen strong demand for energy efficiency funding being made available through the state's infrastructure bank, with 27 applications received since the process opened last month.
- The Rhode Island Infrastructure Bank has made $25 million available through its Efficient Buildings Fund, the Associated Press reported, and officials say they've seen "strong demand" for the funding so far.
- Last year, the state renewed its Least Cost Procurement policy of investing in efficiency first. The five-year extension was approved alongside creation of the RIIB.
Rhode Island is ranked fourth nationwide on energy efficiency, according to the American Council for an Energy-Efficiency Economy. And the year before, the state was tied for first with Massachusetts. Rhode Island's strength in efficiency can largely be tied back to its legislature, according to Acadia Center.
Last spring, lawmakers signed off on a five-year extension of Rhode Island's Least Cost Procurement policy and went on to create the RIIB. Those moves are paying dividends now, as state officials say they have seen strong interest in grants from the bank.
According to the AP, the state has received 27 applications for funds since it began taking applications in January. Projects that were ready to move on short notice and would reduce energy use by 20% will receive priority, the news source reported.
In the last 8 years, Acadia estimated Rhode Island has invested more than $550 million in energy efficiency, meaning almost $2 billion in benefit to customers.
According to Acadia Center, Rhode Island's investments in energy efficiency are paying off and the state’s investments in energy efficiency in 2014 was expected to create 3,607 job years of employment and boost personal income in Rhode Island by $244 million.