South County Investments is a property investment company that owns an 1889 two-story mixed use building in Wakefield, RI. RISE collaborated with the site’s owners to help implement a comprehensive efficiency project together with a significant renewable energy component. RISE also secured direct financial incentives that reduced the initial required investment, and facilitated access to long-term financing to make the project even more affordable.
Modernize and increase the efficiency of the building to both increase its rental appeal within the market and decrease its operating costs.
- The building envelope was weatherized, with additional attic and wall insulation, and upgraded windows and doors;
- High efficiency ductless mini-split heat pumps were installed to replace electric baseboard heat and window A/C units that were older and costly to operate;
- LED lighting and Energy Star® appliances were incorporated to further control electric costs; and
- A 33 kW solar photovoltaic (PV) array was installed on the building’s flat roof. It will generate about 43,000 kWh per year, almost 75% of the building’s total electrical use.
In addition to federal tax advantages, the owner also benefitted from the direct access to multiple resources, including:
- The National Grid Multifamily program paid $28,000 to help offset the cost of the efficiency improvements;
- The CommerceRI Renewable Energy Fund (REF) granted $23,000 to cover a portion of the investment in the PV system;
- The RI Commercial Property Assessed Clean Energy (CPACE) initiative provided financing for the remaining net project cost. CPACE’s long-term repayment terms and competitive interest rates made them an ideal product for this type of comprehensive project.