Gridwealth receives $225,000 in grants from the Rhode Island Commerce Department to develop three Rhode Island solar projects.
The projects, which comprise 1.6 megawatts, will assist local NGOs while also assisting Rhode Island in meeting its lofty green targets.
Gridwealth, a commercial-scale solar developer, proprietor, and operator based in the United States that focuses on investors in real estate, property owners, and commercial customers, announced today that it was offered $225,000 in funding from Rhode Island Commerce’s Renewable Energy Fund (REF) to construct three Rhode Island solar projects. When completed, the business rooftop solar installations will total around 1.6 megawatts (MW) and also assist Rhode Island organizations by providing discounted electricity.
“Gridwealth is honored to have obtained all three of these grants by REF to support the growth of solar energy in Rhode Island,” stated Quincy Vale, Gridwealth’s Chairman, President, and Co-Founder. “These solar power plants will help the nation achieve its envious sustainable energy targets and carbon decrease goals, while also making it more feasible for our charity partners to keep providing essential amenities by lowering their expenses on what they spend on electricity, and thus decreasing their operating budgets.”
1) 1110 Central Ave., Pawtucket, R.I.—a formerly mill that has been turned into the Ten Mile River Lofts residences and is located just minutes from the Providence/Stoughton line. This effort will benefit two NGOs, the names of which will be revealed later. Construction is now ongoing and is scheduled to be finished in Aug’23.
2 & 3) 200 and 300 High Point Ave, Portsmouth, R.I.—a historic high-precision manufacturing factory and a specifically designed flex space building that is currently occupied by a mix of commercial tenants. Construction on these solar installations is set to begin in June’23, while the power that is generated will benefit unspecified NGOs.
The initiatives will be located near the selected NGOs, will generate electricity for the grid, and will be rewarded by the local electric company with transferrable bill credits. The credits are then applied to the non-profits’ utility accounts, saving them money while providing a new revenue stream to the historic mill & factory buildings that house the solar systems. And, because the utility tariffs associated are what everyone pays anyway, this program allows customers to use the most suited rooftops without incurring any additional charges.
“Rhode Island is encouraging the growth of solar energy by providing a variety of incentives, such as the Renewable Energy Fund.” This strategic initiative demonstrates Rhode Island Commerce’s commitment to achieving a future in which 100% of the state’s electricity is derived from sources that are renewable by 2033,” said William Ash, The interim President and COO of Rhode Island Commerce. “The projects we’re supporting help us get nearer to our goals for renewable energy by providing clean, affordable energy to a variety of non-profit organizations across our state.” In essence, we are not only reshaping our energy scenery but also empowering those organizations’ important work through sustainable energy solutions.”
When finished, all three solar projects will have over 4,000 solar panels & will take up nearly 180,000 gross square feet of open and unshaded industrial rooftop area – sufficient panels to fill 18 fields of football.
“Through REF, we are additionally helping Rhode Island businesses and the environment, but we are also enabling charities to reap the advantages of solar power by reducing expenses on their electric bills,” Vale added. “We applaud Rhode Island for setting aggressive renewable goals, recognizing the value of state incentives, and establishing the REF program.” We hope that other states will take notice.”
