Rhode Island Solar Incentives & Rebates | Sunnyrate
Rhode Island Solar Incentives & Rebates | Sunnyrate
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Going Solar is Simple with Sunnyrate's Rhode Island Solar Incentives and Rebates
Rhode Island has the fourth-highest electricity rates in the country, and residents frequently face significant increases in electric and gas costs. To mitigate these expenses, many property owners are turning to sustainable energy sources like solar power, making solar installations a financially wise decision.
Despite being the smallest state in the nation, Rhode Island, known as the Ocean State, has been a leader in sustainable energy regulations for several years. The state’s strong commitment to solar incentives and policies makes it one of the best places to invest in solar energy systems.
Rhode Island Solar Incentives, Rebates, Tax Credits, and Benefits
Rhode Island Net Metering
Rhode Island's clear and robust net metering laws benefit property owners significantly. Net metering allows customers to offset the cost of electricity they draw from the utility with credits earned from their home energy system. When your system produces more electricity than you consume, the surplus is sold back to the grid, and the excess energy is credited to your energy bill, reducing your costs.
Rhode Island Interconnection Standards
The interconnection standards in Rhode Island are among the best in the nation. These standards simplify the process of connecting your energy source to the grid, akin to plugging in a device. This makes solar installation more accessible and less expensive while enhancing the reliability of net metering.
Rhode Island Solar Sales Tax Exemption
Property owners in Rhode Island are exempt from paying sales tax on solar energy systems, resulting in a 7% savings. This significant incentive makes investing in solar power even more attractive.
Rhode Island Solar Property Tax Exemption
Installing a solar system in Rhode Island will not increase your property taxes. The value of your home will not be reassessed after adding a solar system, so you will continue to pay property taxes based on the pre-installation value.
Rhode Island Inflation Reduction Act (IRA)
Eligible property owners may qualify for a 30% tax credit on the cost of their solar system under the Rhode Island Inflation Reduction Act, further reducing the overall cost of going solar.
Rhode Island Energy's Renewable Energy Growth (REG) Program
Rhode Island Energy’s Renewable Energy Growth (REG) program offers property owners 28.75 cents per kilowatt-hour (kWh) their solar energy system produces for the first 15 years. Participants receive this incentive primarily through credits on their electric bills, with the possibility of cash payments for the excess.
Rhode Island Renewable Energy Fund (REF)
The Rhode Island Renewable Energy Fund (REF) program provides grants to support sustainable energy projects, including solar power. This program offers up to $7,000 for qualified commercial, residential, community renewables, and small-scale solar and domestic hot water systems. The REF aims to expand sustainable energy across Rhode Island, allowing property owners to reap the benefits of low-cost renewable energy.
Don’t Forget the Federal Tax Credit, Rhode Island!
In addition to Rhode Island’s excellent solar incentives, rebates, and exemptions, property owners can also benefit from the Federal Investment Tax Credit (ITC). The ITC allows you to deduct 26% of the cost of your solar system from your federal income tax if you purchase the system with cash or a loan. Leasing the system, however, transfers these incentives to the third-party owner, making purchasing a more advantageous option.
Rhode Island Solar Incentives and Rebates at a Glance
With rising electric rates and a range of solar incentives, Rhode Island is an excellent place to invest in solar power. Generating and maintaining sustainable energy not only protects your property from unexpected power outages but also reduces carbon emissions. Now is the perfect time to go solar with Sunnyrate!
Explore your options with Sunnyrate to maximize the benefits of Rhode Island's solar incentives and rebates. Contact us today to start your journey toward sustainable energy and significant savings.
