“You have energy savings, you have infrastructure jobs and you’re doing right by the environment,” he told RI Future in an extended interview on the idea. By financing and finding low interest loans to big and small public and private sector energy improvements, Magaziner says the Ocean State can accomplish all three.
The Clean Water Finance Agency, explained Magaziner, would expand what it already does and change its name to the Rhode Island Infrastructure Bank. Run by the very well-respected Bill Sequino, CWFA makes loans to cities and towns for sewer projects and other clean water infrastructure. Magaziner called said CWFA is “one of most well run and well-respected parts of state government” and last year it added roads and bridges to its portfolio.
By becoming the state infrastructure bank – what some other states call a ‘green bank’ – it would finance all kinds of “green infrastructure improvements,” Magaziner said. “That can mean everything from stormwater infrastructure to energy retrofits for buildings.”
The new green infrastructure bank would make giant loans – in some cases “a half a million dollars or higher,” Magaziner said – for massive energy overhauls of public buildings. “Not just changing light bulbs and windows but really doing the heavy duty stuff,” he said. “Maybe replacing the HVAC or the boilers or adding insulation to walls that don’t have insulation, or maybe you’re adding solar panels or geothermal.”
“We think this can be very attractive to school districts, municipalities and other public building owners,” Magaziner said. “It’s a loan but it’s a very cheap loan. The cost of the capital would be very low, one percent or two percent. The average deep energy retrofit on buildings can save you 20 to 30 percent on your utility bills. So that can be huge energy savings financed with a loan with a very low interest rate.”
Privately-owned buildings could benefit, too. Especially if they are publicly subsidized. “We did a little research and found nursing homes spend about $10 million in state dollars on electricity every year so if you can reduce that by even 10 percent, that’s real money,” Magaziner said.
There’s even a program for home owners to finance energy efficiency improvements. It’s called a PACE loan, or a Property Assessed Clean Energy loan. The state green infrastructure bank would help a home-owner find the loan that would be tacked on to the municipal property tax bill.
“The benefit of that is if the building is ever sold the loan stays with the building,” Magaziner said. “Because the bank has that security of knowing the loan stays with the building and is on the property tax bill that might make them more willing to offer longer term financing too. So instead of paying back the cost of solar panels in two years or three years it could be five years or ten years.”
While 31 other states have either commercial or residential PACE loans, Rhode Island’s “will be broadest PACE program in the country,” said Magaziner. It will have both commercial and residential loans as well as cover a broader array of project. “Other states have done it for solar and energy retrofits, replacing HVACs and windows and boilers.” Rhode Island’s would also cover septic system upgrades and lead paint abatement, as well.
“It’s a very simple concept and a very intuitive one,” Magaziner said, “but we haven’t done it yet in Rhode Island.”
]]>Magaziner leaped 20 points to 43 percent while his rival Frank Caprio went from 29 percent to 31 percent.
The ProJo called it a “a striking turn of events.” for Magaziner.
“The poll confirms that Rhode Islanders are excited about Seth Magaziner’s commitment to bring new energy and fresh ideas to the Treasurers office,” said Magaziner’s campaign manager Evan England, “and to make a clean break from the insider politics and mismanagement that have held Rhode Island back for too long.”
England added, “It’s time for a Treasurer who will use the office as a platform for economic growth and invest more in Rhode Island so we bring jobs back to Rhode Island.”
Since the first poll, Magaziner released a popular TV ad that warns against insider politics. Meanwhile Caprio’s younger brother resigned as chairman of the Democratic party amid a scandal about a public concession stand contract he won after a sitting legislator withdrew a winning bid.
You can watch my recent sit down interview with Magaziner here.
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In this picture, from just north of the Narragansett Town Beach on 1A, there seems to be an adamant Angel Taveras supporter living right across the street from an adamant Gina Raimondo supporter:
What’s interesting to me is combinations of yard signs, like this Gina Raimondo supporter who also supports Republican Catherine Taylor for lt. governor. I wonder if the owner of these signs is planning on voting in the Democratic or Republican primary?
On Route 1 in Charlestown I saw this driveway with a Clay Pell and Seth Magaziner sign.
I suspect this person won’t be the only one to vote for both Clay Pell and Seth Magaziner in the Democratic primary. Both are young, new to elected politics and are banking on the belief that Rhode Islanders are ready for new leaders.
Have you seen any interesting multi-sign yards? If so email them to progress@rifuture.org and tell us what trend you think they indicate.
]]>Here’s their list of legislative candidates, in graphic format (Or read their press release here):
“YDRI PAC’s endorsed candidates are of various ages, genders, ethnicities, and backgrounds,” the group said in an email. “Nine are first-time candidates. Some are running for open seats, some are defending incumbents, and a few are challengers in primary races. Yet no matter the context, the YDRI PAC Board has agreed that the below candidates best represent the principles of the Democratic Party and will vigorously defend the concerns of young people across our state.”
The group also endorsed all three congressional incumbents: Jack Reed for Senate and David Cicilline and Jim Langevin in the House. In statewide races, YDRI endorsed Frank Ferri for lt. governor and Seth Magaziner for general treasurer.
Zack Mazera, YDRI member, said “For statewide races, we sought supermajority agreement.”
He added, “More importantly, however, statewide endorsements are not our organizational focus; Ferri and Magaziner may draw attention, but YDRI PAC this cycle is really a General Assembly-focused organization. That’s where we believe the decisions are made that most affect young people, and that’s where we firmly believe we as an organization can have the most impact on improving quality of life for young Rhode Islanders.”
In the press statement the group noted: “YDRI PAC noted it may issue further endorsements as Rhode Island progresses through the election season. Candidates in races where YDRI PAC has not yet endorsed are invited to email contact@youngdemsri.org.”
]]>“We trust that Seth will bring a progressive focus to the office of Treasurer,” the group said in a statement. “He has a strong commitment to the issues of workers’ rights, job security, livable wages, affordable banking services, and a relief from predatory lending practices. He wants to reopen negotiations on the pension mess and has a plan to bring Rhode Island investment dollars home for microloans to support small businesses and start-up companies. And he supports a more progressive tax system and other measures to address the growing issue of income inequality.”
Magaziner is a newcomer to Rhode Island politics and he’s worked for Trillium, a socially-responsible investment firm in Boston. He’s vying in the primary against Frank Caprio, the former state treasurer.
RIPDA said of Caprio “we believe that Rhode Island needs new faces and a fresh vision.”
]]>“Seth introduces ‘Insider Politics’ and ‘Mismanagement’, two consummate practitioners of the old politics that is ruining Rhode Island,” said campaign manager Evan England in an email. Here they are:
England didn’t exactly answer when I asked him if “Insider Politics” and “Mismanagement” were meant to be represent his primary opponent Frank Caprio.
“The characters represent the old politics that have brought Rhode Island the highest unemployment in the country,” England wrote. “Seth’s frustration with insider politics and mismanagement – a position many Rhode Islanders share – has been a consistent theme of his campaign.”
The commercials will be airing on TV as Rhode Islanders learn more about Frank’s brother David Caprio resigning as chairman of the state Democratic Party after an NBC10 Parker Gavigan scoop. Gavigan reported that David Caprio assumed the contracts for three state beach concession stands after the winning bidder, Cranston Rep. Peter Palumbo, dropped out and went to work for Caprio. The state police are investigating, reported Gavigan.
In the email from the Magaziner camp, England writes, “It’s time to kick ‘Insider Politics’ and ‘Mismanagement’ out and elect new leaders who will give Rhode Island a fresh start at creating jobs.”
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