Terms Used In Rhode Island General Laws > Chapter 39-26.5 - Property Assessed Clean Energy Program

• assessment: means the special assessment placed on a PACE property owner's property tax or other municipal assessment bill in accordance with this chapter, to be collected by or on behalf of the PACE municipality in which that PACE property is located and remitted to the Rhode Island infrastructure bank or to the lender that has financed that PACE project. See Rhode Island General Laws 39-26.5-2
• Commercial property: means a property operated for commercial purposes, or a residential property that contains five (5) or more housing units. See Rhode Island General Laws 39-26.5-2
• Company: means and includes a person, firm, partnership, corporation, quasi-municipal corporation, association, joint-stock association or company, and his, her, its, or their lessees, trustees, or receivers appointed by any court. See Rhode Island General Laws 39-1-2
• Contract: A legal written agreement that becomes binding when signed.
• Distributed-generation system: means an electrical-generation facility located in the electric distribution company's load zone with a nameplate capacity no greater than five megawatts (5 MW), using eligible renewable energy resources as defined by § 39-26-5, including biogas created as a result of anaerobic digestion, but, specifically excluding all other listed eligible biomass fuels, and connected to an electrical power system owned, controlled, or operated by the electric distribution company. See Rhode Island General Laws 39-26.5-2
• Electric distribution company: means a company engaging in the distribution of electricity or owning, operating, or controlling distribution facilities and shall be a public utility pursuant to subsection (20) of this section. See Rhode Island General Laws 39-1-2
• Eligible renewable energy resources: means resources as defined in § 39-26-5. See Rhode Island General Laws 39-26.5-2
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Institution: means a private entity or quasi-state agency. See Rhode Island General Laws 39-26.5-2
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• PACE: is a voluntary financing mechanism that allows both residential and commercial property owners to access affordable, long-term financing for energy upgrades, and other eligible environmental health and environmental safety upgrades on their property. See Rhode Island General Laws 39-26.5-2
• PACE lien: means the non-accelerating lien placed on a PACE property in accordance with the rules and regulations promulgated by the Rhode Island infrastructure bank pursuant to this chapter, in order to secure the repayment of a PACE assessment made in connection with that PACE property and to secure the repayment of each PACE assessment to be made by that PACE property owner as each assessment comes due. See Rhode Island General Laws 39-26.5-2
• PACE municipality: means a municipality voluntarily designated by its city or town council as a property-assessed clean energy municipality. See Rhode Island General Laws 39-26.5-2
• Past-due balances: means the sum of the due and unpaid assessments on a PACE property as of the time the ownership of that PACE property is transferred. See Rhode Island General Laws 39-26.5-2
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• project: means a distinct installation of an eligible energy-efficiency system, renewable energy net-metering system, distributed-generation system, alternative fuel infrastructure upgrade, and/or other eligible environmental health and environmental safety upgrades. See Rhode Island General Laws 39-26.5-2
• property: means any residential property or commercial property that is the subject of an approved application for a PACE project filed pursuant to this chapter. See Rhode Island General Laws 39-26.5-2
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rhode Island infrastructure bank: means the Rhode Island infrastructure bank ("RIIB"). See Rhode Island General Laws 39-26.5-2
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9