You can save money by using solar panels for your home or business to power it. This helps reduce your carbon footprint and your contribution towards 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 the US's most solar-friendly state. The state is a prime candidate for rooftop solar installations. Rooftop solar panel can generate up 23% of the state’s electricity. The state took the time to develop solar incentives. These incentives are expected to encourage the industry's growth in RI.
The state also offers a Small-Scale Funding Program that helps to reduce the up-front cost of solar installations. This program is funded through the Renewable Energy Fund. These funds can be used by businesses to offset the cost of installing solar panels. The program also offers performance-based incentives that are worth 38 cents per kilowatt-hour for smaller solar systems. This program is also available to nonprofits.
Users can also accrue credits from the state for using excess energy through a net billing program. The credits are then used to reduce the amount of electricity you use. The net-metering program allows you to receive bill credits up until 125% of the energy generated on your site. You can find full details of the RI net metering program on the state's Office of Energy Resources website.
Other programs, such as the Rural Energy for America program for farmers, are also available. This program helps farmers get loans to buy solar system equipment. 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.
A Solar Energy Industries Association is a state association that tracks the growth in solar power in Rhode Island. This association produced a graph showing Rhode Island's growth in solar over the last ten years. It shows a sharp decline in solar panel prices from 1977.
Rhode Island is home to one of the shortest panel payback periods in the nation. A typical solar system will be paid for in around eight years. The panels will not be subject to taxes by the homeowner.
RI has a Small Scale Financial Program and a Commercial Scale Finance 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 can make your home more attractive and sell faster on the real estate marketplace, which will result in you making more for your property.