Providence Mayor Brett Smiley recently announced his desire to create what he is calling a ‘Green Revolving Fund’ that would require the city to invest $3 million for funding energy efficient investments.
The ordinance to create the fund will require the approval of city council. If passed, it would be used to pay for renewable energy and energy efficient projects as well as electrification projects, including the installation of solar panels at fire stations, recreation centers, schools and other city owned structures.
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According to the mayor, the city’s “up front capital investment” would to a significant degree result in a reduction of long-term energy expenses.
Funding, Smiley said would come from Providence’s capital improvement budget and would be used to move forward on the goals outlined in the city’s ordinance for Energy Efficiency and Carbon Neutral Goals for Municipal Buildings. Providence has set 2040 as the target for having all carbon neutral municipal buildings.
It was in March 2024 that the ordinance was signed and since the law was enacted a total of 22 building electrification projects have either been finished or are presently in progress. Additionally, over 60 city-owned buildings have undergone energy audits or efficiency projects.
The mayor reported that over the past four years city building energy use has decreased by 7 percent.
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