A solar power system in Rhode Island will pay for itself a couple of times during its lifespan. But switch smartly! To save money, benefit from solar incentives in Rhode Island.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
The net metering policy in Rhode Island has made it easier for customers to sell unused electricity back to the grid instead of storing the energy in batteries. Your PV system will pay for itself primarily through the net metering program. You gain credits by selling solar energy that you haven’t used into the commercial grid. The credit value in Rhode Island is equal to the full retail electricity price of your provider. Unused credits have no expiration date, they will roll over to the next month and can help offset future electricity usage.
If you are installing a new solar energy system in Rhode Island, you can get some of the costs back by applying for the Renewable Energy Growth (RE Growth) Program. RE Growth offers financial benefits to National Grid customers which depend on the amount of electricity their systems generate. National Grid provides bill credits and monthly cash payments. This program is not compatible with Net Metering since it uses a feed-in tariff.
Feed-in-tariff — a policy that was designed to encourage people to switch to renewable energy. Customers under this policy receive credits at a higher than the retail rate for solar energy that they export to the grid. After a few years, the rate can decrease to a retail level.
Rhode Island property owners will not have to pay any additional property taxes on the added value their solar system brings to their home due to the property tax exemption for renewable energy systems. Rhode Island ensures any new PV system installed will not be part of your property tax. However, any such home improvement will definitely make it about 4% more valuable on the property market, says the Zillow report.
4%
this is how much solar panels increase the value of your house
A solar easement contract is a written agreement between you and another party, for example, your neighbor. This type of contract helps to ensure that your PV system will always have adequate sun exposure, protecting you from potential obstacles. It is voluntary, but can not be canceled unless a specific clause is included in the document. Once signed, it is tied to the land, not the owner.
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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