§ 39-26.5-2. Definitions.
As used in this chapter, the following definitions apply:
(1) "Commercial property� means a property operated for commercial purposes, or a residential
property that contains five (5) or more housing units.
(2) "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.
(3) "Dwelling� means a residential structure or mobile home that contains one to four
(4) family housing units, or individual units of condominiums or cooperatives.
(4) "Eligible net-metering system� means a facility generating electricity as defined
in § 39-26.4-2.
(5) "Eligible renewable energy resourcesâ€� means resources as defined in § 39-26-5.
(6) "Energy-efficiency projectsâ€� means those projects that are eligible under § 39-1-27.7 or projects that have been defined as eligible in the PACE rules and regulations.
(7) "Institution� means a private entity or quasi-state agency.
(8) "Loan loss reserve fund� or "(LRF)� means funds set aside to cover losses in the event
of loan defaults.
(9) "Municipality� or "towns and cities� means any Rhode Island town or city with powers
set forth in title 45.
(10) "Net meteringâ€� means using electricity as defined in § 39-26.4-2.
(11) "PACE assessment� or "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. The PACE assessment shall be owed by the current owner
of the related PACE property as of the time each PACE assessment comes due. In the
event of a transfer of ownership, all PACE assessments coming due after the date of
the transfer, by foreclosure or otherwise, shall be owed by the transferee.
(12) "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.
(13) "PACE municipality� means a municipality voluntarily designated by its city or town
council as a property-assessed clean energy municipality.
(14) "PACE project� or "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.
(15) "PACE property� or "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.
(16) "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. "Past-due balances�
does not mean the unaccelerated balance of the PACE loan at the time that property
is transferred.
(17) "Property-assessed clean energy� or "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.
(18) "Rhode Island infrastructure bank� means the Rhode Island infrastructure bank ("RIIB�).
For the purposes of this chapter, Rhode Island infrastructure bank shall include other
related state agencies and/or third-party administrators, as may be engaged by the
Rhode Island infrastructure bank for the purposes of providing the services envisioned
by the rules and regulations promulgated in accordance with § 39-26.5-11.