You can save money by using solar panels for your home or business to power it. You can also reduce your contribution to the environment and reduce your carbon footprint.
Rhode Island offers many 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. Also, a federal credit is available.
Rhode Island is one the most solar-friendly states in the United States. Rhode Island is a great candidate for rooftop-solar installations. Rooftop solar panels are capable of generating up to 23% electricity. The state has spent considerable time developing 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. This program is funded by the Renewable Energy Fund. The funds are available to offset the total cost associated with solar installations for businesses. For smaller solar systems, the program offers 38 cents per Kilowatt-hour performance-based incentives. This program can also be used by nonprofits.
The state also offers a net-metering program, which allows users to accumulate credits for any 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 is designed to help farmers obtain loans to buy solar 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 produced a graph showing Rhode Island's growth in solar over the last ten years. This graphic shows a drastic decrease in the prices of solar panels since 1977.
Rhode Island has one the fastest panel payback times in the country. A typical solar system will be paid for in around eight years. A homeowner will also not have to pay taxes on the purchase of the panels.
RI has a Small Scale Financial Program and a Commercial Scale Finance Program. These programs are available to businesses as well as nonprofits.
Installing solar panels has many other benefits. Solar panels can make your property more attractive. Solar panels are more popular in the real estate market and can help your property sell quicker.