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Scituate council approves PACE designation and CPACE agreement with state infrastructure bank
Summary
The council unanimously designated Scituate as a PACE municipality and approved a commercial PACE (CPACE) agreement with the Rhode Island Infrastructure Bank to finance energy-efficiency upgrades using property-assessed financing, with councilors saying the program poses minimal town financial risk.
The Scituate Town Council voted to designate the town as a Property Assessed Clean Energy (PACE) municipality and approved a commercial PACE (CPACE) agreement with the Rhode Island Infrastructure Bank.
Councilor Tim summarized CPACE as a widely used mechanism that provides financing for energy-efficiency and high-efficiency systems, attaching a lien to participating properties so repayment occurs through property tax billing. "There’s no obligation in the town other than providing administrative support... we actually send out billings with the property taxes," Tim said, adding that the town is indemnified and that the program could benefit small businesses.
Councilors asked clarifying questions about which body provides financing; discussion indicated the infrastructure bank or program administrators provide capital under the CPACE model. After brief remarks and no substantive opposition, the council approved the resolution by voice vote.
The council recorded no additional conditions on the agreement during the meeting; staff will follow the Infrastructure Bank’s procedures to implement the program and administer assessments for participating properties.
