Hannah Morini, RI Renewable Energy Fund
State Renewable Energy Policy and Financial Incentives Hannah Morini RI Renewable Energy Fund (EDC)
RI Renewable Energy Fund Presented to Environmental Business Council of New England December 3, 2012
Sources
• Funding: ~ $ 2Million annually via “systems benefit charge” on all electric ratepayers ~ $ 4.7Million one-time Alternative Compliance Payment received in June 2012
• System Benefit Charge: will fund annual programs that replenish the fund
• ACP: will fund “interim programs” for renewable energy installation projects
Programs
• Programs in 3 areas as part of the Renewable Energy Fund
1. Small-scale solar 2. Commercial Development 3. Predevelopment Feasibility Studies
Programs: Commercial Dvlp. Continued . Early Stage Commercialization – Total Allocation- $1,000,000
• “Early Stage Commercialization” means an innovative renewable energy technology or
innovative business model
with the ability to transform the renewable energy business sector.
• Technologies: Those consistent with RIGL 39-2-1.2 which produce electricity or provide a direct benefit to the electric grid
Funding for Innovation Recoverable grant: • Eligible for up to seventy-five (75%) of the cost of an Early Stage Commercialization Project • Project owner must contribute a minimum of twenty-five (25%). • Maximum level of support is capped at $300,000.00 • Repayment in full when the product becomes commercially available. Low-interest loan • Eligible for up to 100% Initial funding of an Early Stage Commercialization Project • Maximum level of support is capped at $300,000.00 • Loan repayment shall begin when product becomes commercially available.
Programs: Predevelopment Feasibility
• Predevelopment – Total Allocation $750,000 •
Technologies: Those consistent with RIGL § 39-2-1.2 which produce electricity
•
Predevelopment Feasibility Study shall mean the completion of project tasks prior to construction of a renewable energy project. These tasks shall not include initial feasibility assessments. •
Examples of Predevelopment Activities include but are not limited to: Local and State Permitting, Structural and Electrical Engineering, National Grid Interconnection Studies, Financial pro-formas, etc.
•
Amount: Up to 75% of total pre-development study costs •
Project Owner must contribute 25% minimum
•
All studies awarded as recoverable grants to be repaid when project becomes operational.
Hannah Morini Renewable Energy Program Manager Rhode Island Economic Development Corporation 315 Iron Horse Way, Suite 101, Providence, RI 02908 401.278.9100 x 135 email [email protected]
RI Renewable Energy Fund Presented to Environmental Business Council of New England December 3, 2012
Sources
• Funding: ~ $ 2Million annually via “systems benefit charge” on all electric ratepayers ~ $ 4.7Million one-time Alternative Compliance Payment received in June 2012
• System Benefit Charge: will fund annual programs that replenish the fund
• ACP: will fund “interim programs” for renewable energy installation projects
Programs
• Programs in 3 areas as part of the Renewable Energy Fund
1. Small-scale solar 2. Commercial Development 3. Predevelopment Feasibility Studies
Programs: Commercial Dvlp. Continued . Early Stage Commercialization – Total Allocation- $1,000,000
• “Early Stage Commercialization” means an innovative renewable energy technology or
innovative business model
with the ability to transform the renewable energy business sector.
• Technologies: Those consistent with RIGL 39-2-1.2 which produce electricity or provide a direct benefit to the electric grid
Funding for Innovation Recoverable grant: • Eligible for up to seventy-five (75%) of the cost of an Early Stage Commercialization Project • Project owner must contribute a minimum of twenty-five (25%). • Maximum level of support is capped at $300,000.00 • Repayment in full when the product becomes commercially available. Low-interest loan • Eligible for up to 100% Initial funding of an Early Stage Commercialization Project • Maximum level of support is capped at $300,000.00 • Loan repayment shall begin when product becomes commercially available.
Programs: Predevelopment Feasibility
• Predevelopment – Total Allocation $750,000 •
Technologies: Those consistent with RIGL § 39-2-1.2 which produce electricity
•
Predevelopment Feasibility Study shall mean the completion of project tasks prior to construction of a renewable energy project. These tasks shall not include initial feasibility assessments. •
Examples of Predevelopment Activities include but are not limited to: Local and State Permitting, Structural and Electrical Engineering, National Grid Interconnection Studies, Financial pro-formas, etc.
•
Amount: Up to 75% of total pre-development study costs •
Project Owner must contribute 25% minimum
•
All studies awarded as recoverable grants to be repaid when project becomes operational.
Hannah Morini Renewable Energy Program Manager Rhode Island Economic Development Corporation 315 Iron Horse Way, Suite 101, Providence, RI 02908 401.278.9100 x 135 email [email protected]
