It is an excellent way to cut down on your energy costs by using solar panels to power either your home or office. It can also help to reduce your environmental impact and contribute to less pollution.
Rhode Island offers several solar incentives. The Residential Clean Energy Credit is one of them. It is used to reduce your income tax burden after your solar system goes online. This credit is worth more than $5,000 on average in RI. Federal tax credits are also available.
Rhode Island is one the most solar-friendly states in the United States. The state is a prime candidate for rooftop solar installations. Rooftop solar panels could generate as much as 23% of the state's electricity. It took the state time to create impressive solar incentives. These incentives are likely to drive the industry to grow in RI.
The state also offers Small-Scale Funding Programs that help to lower the initial cost for solar installations. The Renewable Energy Fund funds this program. These funds can be used by businesses to offset the cost of installing solar panels. For smaller solar systems, the program offers 38 cents per Kilowatt-hour performance-based incentives. Nonprofits can also take advantage of this program.
In addition, the state has a net metering program that allows users to accrue credits for excess energy. The credits can be used to reduce electricity use. The net metering program offers bill credits for up to 125% of the power generated on your site. The RI Office of Energy Resources website contains all details regarding the net metering programs.
Another program, the Rural Energy for America program, is available to agricultural producers. This program allows farmers to get loans to purchase equipment for their solar systems. It can also lower the cost of electricity for the state. It offers a rate that is higher than the retail rate for the first 15 years after the system is installed.
The state has a Solar Energy Industries Association. This association tracks the state's growth in solar. This association has also produced a graphic that shows the growth of solar in Rhode Island over the past ten years. This graphic shows a drastic decrease in the prices of solar panels since 1977.
Rhode Island boasts one of the most short payback periods for panels in the United States. The typical solar system will pay off in eight years. A homeowner will also not have to pay taxes on the purchase of the panels.
In addition to financial incentives, RI also has a Small-Scale Funding Program and a Commercial Scale Funding Program. These programs are open to both businesses and nonprofits.
You can also get many other benefits from installing solar panels. These panels can also increase the value of your home. Solar panels will make your property more appealing and help you sell it faster in the realty market.