Go Solar in Rhode Island!
There are two huge factors working in solar’s favor in Rhode Island: the state’s Small-Scale Solar grant program and the Renewable Energy Growth Program. Combined, they mean you’ll save thousands up front on a new solar system and sell the electricity it produces for thousands more. Solar is cheaper than ever, so the Rhode Island incentives combined with the Federal 30% tax credit for solar means a solar panel system pays itself back quickly and makes you lots of money over its 25-year warranty life!
Rhode Island Solar Incentives
Net Energy Metering (NEM)
Net Energy Metering or Net Metering allows consumers who generate some or all of their own electricity to access it anytime, not just when that power is being generated. Solar is not an “on demand” resource – you want electricity 24/7, not just when the sun is shining. That’s where net metering policies come in. They regulate how your solar installation connects with your local utility company to access electricity. through their delivery grid. The policies vary by state but most provide solar customers a way to store and access energy based on the kilowatts they generate. Costs vary depending on how much power the consumer generates and uses.
Renewable Energy Growth Program
This is an amazing program offered in RI in which case the Utility will pay you, the host customer $0.3475/kWh for systems under 10.9kW or $0.2375/kWh for systems between 11kW- 29.9kW.
Renewable Energy Fund
Renewable Energy Fund – For 2017 residential homeowners who go solar under this program receive $1.05/watt for cash & loan systems.
Federal Investment Tax Credit
All 50 states are eligible for a 30% Federal Investment Tax Credit (ITC) to reduce the cost of the system. This is calculated as 30% of the value of your system after the upfront rebate. If you choose to purchase or finance your system this tax credit goes to you directly through your federal tax return, and if you choose to lease your system will be assigned to your leasing partner which ultimately lowers your cost. Your solar specialist will calculate this for you and can consult with your accountant to fill out Form 5695 to claim your credit.
The Renewable Energy Growth Program pays you 34.75¢ per kWh
Rhode Island’s program offers direct incentive payments for small scale solar projects like yours.
Rhode Island has the nation’s best performance payments
What is a performance payment?
Performance payments reward homeowners for the electricity their panels produce on an ongoing basis. They are credited either as per-kWh bonuses or Solar Renewable Energy Certificates (SRECs).
Rhode Island homeowners pay an average of 19ç per kWh
Rhode Island has the nation’s 5th highest electricity prices
Why are electricity prices important?
The power your solar panels produce reduces your electric bill. The higher the price of power, the more you save by generating your own.