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RI S2905
Bill
AI Summary
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Establishes a no-interest loan program through the Rhode Island Office of Energy Resources for owners of multi-unit residential buildings over 65,000 square feet to obtain geothermal heat pump feasibility studies
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Loans capped at $50,000 per building, or $75,000 for buildings exceeding 100,000 square feet, with funds usable only for feasibility proposals prepared by qualified contractors
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Loan repayment is waived if the feasibility study determines geothermal conversion is not feasible or if the applicant cannot obtain necessary financing or approvals to proceed
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Appropriates up to $500,000 annually beginning July 1, 2026, with unspent funds rolling over and repaid loans recycled back into the program for new applicants
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Requires annual reporting to the governor and legislative leadership on applications, loans issued, feasibility outcomes, estimated emissions reductions, and program recommendations
Legislative Description
Creates the multi-unit residential decarbonization initiative program to provide funding for feasibility studies to convert large, multi-family residential units to non-emitting renewable geothermal energy.
State Affairs And Government
Last Action
Introduced, referred to Senate Housing and Municipal Government
3/4/2026