Rhode Island is a very suitable location for efficient solar power generation: the state averages 5 kWh of solar energy per square yard, which is more than Germany (a world leader for solar). Many Rhode Island homeowners go solar to reduce their energy bills and make a positive sustainability impact.
The Rhode Island sales tax exemption for renewable energy products includes all equipment and components in a solar energy installation, freeing you from paying solar sales tax. The Property tax exemption for renewable energy resources also prevents you from paying additional property taxes. Qualified homeowners can also take advantage of the Property Assessed clean Energy (PACE) program that allows you to repay your loan with property tax payments. Finally, the Renewable Energy Fund (REF) is a limited availability program that helps fund solar deployments, including for small scale projects that include single homes. The Renewable Energy Growth program by National Grid compensates solar owners for the electricity their system produces which is fed back into the grid. There are also be net metering available under certain utilities.***
Rhode Island homeowners are also eligible for the Solar Investment Tax Credit (ITC).**** The ITC allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes.
With solar, you can run on energy produced during the day, letting you avoid high peak rates. At night, you can avoid using energy from the grid if you have batteries that store excess energy produced by the solar system. By avoiding energy from the grid, you can help minimize your payment to your utility and even potentially earn through net metering.
As the Rhode Island population increases, so do power outages. This can leave homeowners frustrated and out of options. By going solar and installing batteries, you can protect yourself from power outages. You can continue to power your home using any excess energy stored in the batteries on your system. Talk to your dealer about what batteries they recommend for your lifestyle and needs in case of an outage.
The state is known for sandy shores and seaside towns. Help preserve its natural charm by acting sustainably. Solar systems help cut down on water over-consumption and pollution. They reduce hazardous gas emissions and preserve the environment. A solar system also decreases your dependency on fossil fuels.
If you are currently on a Time of Use (TOU) rate model, you may want to go solar. Electricity is more expensive at certain hours of the day or months of the year. If you use less energy than your system produces, this can help you lower how much you pay the utility. Then you can budget your monthly solar cost. This makes your monthly bills much more predictable.
If you ask your neighbors, some of them may have already gone solar to build equity. Going solar may add value to your home and may help it become more attractive to potential buyers. The average Rhode Island home is currently valued at approximately $270,560, that is an 8.6% annual increase from last year. Keep up with the rising home values, especially if you want to sell in the future.**