Board hears solar project proposal; staff say incentives offset part of roughly $401,000 cost
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Summary
The board reviewed an item to enter into a solar agreement routed through the Rhode Island League of Cities and Towns; staff estimated the project costs roughly $401,000 with about $131,000 in incentives and discussed creating a revolving fund for incentive proceeds.
The board discussed Item 18, a proposed solar system selected through the Rhode Island League of Cities and Towns, including anticipated incentives and funding arrangements.
David Carroll of the Department of Sustainable Developmental Organization Ministry described the project cost at roughly $401,000 and said about $131,000 of the cost qualifies for state or federal incentives. Staff said incentive payments are expected about six months after the system is turned on, and the city is exploring a revolving fund approach to capture and reuse those funds. Carroll said the city expects the system to be operational by September (year not specified in the transcript).
Members asked what the city would do with incentive payments; staff explained early conversations about a revolving fund that would deploy incentive proceeds to finance future projects. The board did not vote on the item during the meeting; staff will return with any related contract documentation and implementation details.