A great way to save money is to use solar panels to power your business or home. It helps you to reduce your carbon footprint as well as your contribution to polluting.
Rhode Island offers a range of solar incentives. One of these incentives is the Residential Clean Energy Credit. Once your solar system is installed, it will be credited to your income taxes. This credit is worth on average more than $5,000 in RI. There is also a federal tax credit.
Rhode Island is one of the most solar friendly states in the U.S. Rhode Island is a great candidate for rooftop-solar installations. Rooftop solar panels are capable of generating up to 23% electricity. The state took the time to develop solar incentives. These incentives are likely to drive the industry to grow in RI.
A Small-Scale Funding Program is also available by the state to help lower the initial cost of solar installation. This program is supported by the Renewable Energy Fund. These funds can be used by businesses to offset the cost of installing solar panels. Additionally, for smaller solar system sizes, there are 38 cents per kilowatthour of performance-based incentive. This program is also available for nonprofits.
In addition, the state has a net metering program that allows users to accrue credits for excess energy. The credits can then be used for reducing your electricity usage. The net-metering program allows you to receive bill credits up until 125% of the energy generated on your site. The RI Office of Energy Resources website contains all details regarding the net metering programs.
The Rural Energy for America program is another program that agricultural producers can use. This program helps farmers get loans to buy solar system equipment. It can also help lower the cost for electricity in the state. It provides a rate that is more than the retail rate for the first fifteen years of the system's installation.
The state has a Solar Energy Industries Association that tracks the growth of solar in RI. This association also produced a graph that displays the rate of solar in Rhode Island over 10 years. This graphic shows a drastic decrease in the prices of solar panels since 1977.
Rhode Island is home to one of the shortest panel payback periods in the nation. A typical solar system will pay back in approximately eight years. Also, homeowners will not have to pay any taxes for the panels.
RI also offers financial incentives. It has a Small Scale Financing Program and a Commercial Scale Financing Program. These programs can be used by both businesses and non-profits.
There are many benefits to solar panels. You can also make your house more attractive. Solar panels make it easier for homes to sell on the real-estate market. This will allow you to get more for your property.