The warmer weather and blossoms on Smith Hill are evidence we’re in the heat of the Rhode Island legislative session. People’s Power & Light (PP&L) has invited key policy makers, including General Treasurer Seth Magaziner, to our upcoming Annual Meeting May 13th. The evening is an opportunity for energy professionals and friends to learn about key policies PP&L supports. Rhode Island continues to make meaningful progress in green infrastructure, but there is more work to be done.
RI was ranked 3rd in the nation by the American Council for Energy-Efficient Economy. The State Energy Scorecard rewarded Rhode Island’s aggressive energy saving targets. The current legislative session has bills and a budget with a focus to continue our state’s leadership in sustainability and energy conservation. In addition to the RES extension, PP&L advocates for approval of the least cost procurement mandate and the RI Infrastructure Bank.
Least cost procurement refers to the requirement of state law to put ratepayer money towards energy efficiency measures that are cheaper than electric supply. PP&L applauds this measure because we know energy saved has far more benefits than cheap energy used. The majority of Rhode Island’s electric supply comes from other regions. Investing in cost-effective energy efficiency before supply would keep dollars from leaving the state.
The Energy Efficiency & Resource Management Council recently released its 2014 Annual Report detailing the many benefits RI has enjoyed because of least cost procurement. Some key takeaways from the report include:
Least cost procurement has a proven track record of success. For every $1 spend on energy efficiency, consumers have received $2.70 in benefits. Commissioner Marion Gold, Ph. D. of the Office of Energy Resources praised least cost procurement in the report saying, “These achievements reflect the commitment Rhode Island leaders have made to energy efficiency as part of a secure, cost-effective, and sustainable energy future”. The least cost procurement mandate has saved Rhode Islanders energy and money since its inception in 2007; it is critical we extend the mandate for more years to come.
The Rhode Island Infrastructure Bank is a new initiative proposed by General Treasurer Seth Magaziner. As part of the budget Article 24, the RI Infrastructure Bank would rebrand and expand the Clean Water Finance Agency. It would continue to issue bonds for stormwater and drinking water projects, but the Bank would additionally be a major resource for renewable energy and energy efficiency initiatives. It would provide much needed financing for clean energy projects and reduce energy costs across all sectors. The RI Infrastructure Bank has received wide support from both the environmental and business community. Article 24 recognizes the importance of least cost procurement and proposes a 12 year extension of the program. In a recent op-ed in the Providence Journal, Treasurer Magaziner wrote, “The Rhode Island Infrastructure Bank would address both our high unemployment and our high energy costs by putting people back to work making our buildings more energy efficient”.
The proposed Property Assessed Clean Energy program aka “PACE” program would offer affordable bank loans for efficiency and renewable energy upgrades. PACE was enacted years ago but was never able to be utilized. The RIIB would facilitate the use of PACE with the assistance of the Office of Energy Resources as an advisor. The Bank will also bring much needed coordination of RI’s green infrastructure program and increase the role of private capital without significant pressure on taxpayers. The current “Green Bank” is successful in Connecticut and the RI Infrastructure Bank is anticipated to be a significant resource.
PP&L endorses both the least cost procurement mandate and the RI Infrastructure Bank because these mechanisms will protect our state from rising energy costs. We’re at the end of the natural gas pipeline and that puts us in a vulnerable position. The volatile prices this past winter raised electric bills and certainly raised big concerns. Rhode Island has the 9th highest electricity costs in the nation and a high of unemployment in the nation. Efficiency is a clear winner to bringing down high energy costs and creating jobs –because less money spent on fossil fuels imported from out-of-state is money that can be kept in the Ocean State. Clean energy sources such as wind turbines and solar panels can also be a solution to provide a reliable, indigenous energy.
In addition to the financial and social benefits, it is critical that Rhode Island reduce its energy consumption wherever possible for environmental purposes. As the Ocean State, we are especially vulnerable to the impacts of climate change. Reducing overall energy use will cut harmful, heat trapping emissions and ensure that our state has a secure and sustainable future. Renewables are emission free and help reduce our risk of sea rise and air pollution.
Contact your local legislators (look them up here: https://sos.ri.gov/vic) and let them know to support:
-The Least Cost Procurement mandate, bill S-733 and H-5904. This extension will make energy efficiency a priority and continue to bring consumers savings.
-The RI Infrastructure Bank, Article 24 of the proposed budget will bring clean energy finance tools to homeowners, companies, and taxpayers.
And of course, join us at PP&L’s Annual Meeting May 13th! In addition to Treasurer Magaziner, we will host an expert panel of guest speakers to dig deeper into these policies and talk about what to anticipate for RI’s energy future.
PLUS newly added guest CEO Jeffrey Grybowski of Deepwater Wind will give a project update on the United States’ FIRST offshore wind turbine, here in Rhode Island! You don’t want to miss this event!
May 13th 5:30-8:30 Save The Bay Center, 100 Save The Bay Drive Providence RI 02905
Light hors d’oeuvres and cocktails will be served, join the conversation.
RSVP at www.ripower.org/annualmeeting Any questions? Give us a call at 401-861-6111
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