If you live in Rhode Island, now might be the perfect time to go solar, and this is thanks to the Rhode Island solar panel incentives implemented across the state to support people who want to invest in solar systems.
Rhode Island, through its Renewable Energy Fund (REF) program, is offering citizens a four-year incentive through which people who purchase solar will get an incentive that’s higher than their retail electricity rate which is $0.19/kWh.
This post will let you know the amazing benefits of Rhode Island solar panel incentives for homeowners, and why you should get involved right now.
Advantages of Installing Solar Energy in Rhode Island
Solar energy has several residual benefits for you as well as the state, which is why you are encouraged to go solar on Rhode Island. They include an increased value for your home, cleaner, sustainable energy, stimulation in Rhode Island’s energy sector, as well as job growth in green technology.
Let’s now talk about what you’ll enjoy as a homeowner, especially the financial incentives.
- Federal Income Tax Credit
The first benefit you enjoy immediately after your purchase of solar energy in Rhode Island is the automatic 30% Federal Income Tax credit.
- Solar Sales Tax Exemption
When you purchase and install solar energy in your home in Rhode Island, you will enjoy 100% sales and use tax exemption.
- Solar Power Rebates in Rhode Island
The Renewable Energy Fund program in Rhode Island gives homeowners rebates worth $1.15 for every watt of solar energy with a maximum of $10,000 for every installed home system.
Under the REF program, applicants can apply for grants every quarter. The applications will be considered every quarter and approved. The REF uses a Block format, and each block comprises a budget of $300,000 for homeowner grants.
- Solar Loans in Rhode Island
If you plan to get a loan to purchase solar energy system, you will enjoy a lot of benefits, including the reduction of your personal expenditure.
You will also enjoy a 30% Federal Income Tax exemption that further reduces your solar system cost.
- Solar Performance Payments
Under this program, you will be paid $0.3775 per kWh for every energy your solar system supplies to the grid. Over an estimated 20-year period, you would have earned $12,735.
- Solar Property Tax Exemption
Even though the value of your home automatically increases when you install a solar system, you won’t have to pay more taxes due to the Rhode Island property tax exemption.
Now that you know all that you can benefit from Rhode Island solar panel incentives, you should be convinced about going solar.
You can leverage the services Evergreen Solar offers in Rhode Island, as well as Massachusetts, and Connecticut. They offer solar products and handle roof replacements as well, meaning you don’t have to worry about anything, including the extra cost of roof replacement.
Reach out to them to get your solar project underway now.