Property Assessed Clean Energy (“PACE”) is a tax-assessment based financing mechanism, providing long-term financing for energy efficiency and renewable energy projects. PACE Loans are repaid as a charge on a building’s tax bill, and the long term of the loans enable the debt to stay with the property, even if there is a change in ownership.

Together with NYCEEC’s partners at the Rhode Island Infrastructure Bank, the C-PACE Administrator in Rhode Island, the project will support progress towards distributed clean energy goals in the state of Rhode Island. Among other things, this transaction demonstrates the increasing viability of using C-PACE loans to fund smaller projects that might have less access to capital.

From an Angelo’s team member working on the transaction: “At Angelo’s Palace Pizza, we are committed to sustainability and reducing our carbon footprint. We’re proud to announce two solar energy projects. The first is a rooftop installation that will significantly offset our energy consumption, enhancing our operational efficiency. Additionally, we are transforming an otherwise undevelopable section of our property into a solar farm. This part of the property had no better use due to its limitations, but now it will contribute to a cleaner and greener energy solution. These initiatives reflect our dedication to both the environment and the future of Rhode Island’s clean energy goals.”