§ 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 which 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 which 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 resources" means resources as defined in § 39-26-5.
(6) "Energy efficiency projects" 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 of the general laws.
(10) "Net metering" 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 bill in accordance with this chapter, to be collected by the PACE municipality in which that PACE property is located and remitted 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 which 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 which 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.
(P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9.)