Solar Panels
In Rhode Island, there is a strong incentive to install solar panels. The federal tax credit is currently 26% of the total cost of a solar installation. By 2020, the credit will fall to 22% of the cost of solar installation. By then, solar installation companies will likely be swamped with new projects. So, the best time to install solar panels in Rhode Island is now.
One of the major benefits of rhode island solar is that the energy you produce will offset your electric bill. In fact, the state has a net metering program which encourages homeowners to use solar power. This program is run by National Grid, which is the largest utility company in the state. With net metering, you can even earn credits that can be used to offset your electric bills during the night. In addition, some homeowners are considering battery storage along with their solar system to provide emergency backup power during power outages.
Solar panels are a great way to save money on your energy bills and save the environment. Since Rhode Islanders use an average of 594 kWh of electricity per month, a solar panel system will help reduce their consumption. The savings will help offset the costs of electricity, which are skyrocketing exponentially.
Solar Panels – Best Time to Install Solar Panels in Rhode Island
Solar panel prices in Rhode Island are subsidized by 30% federal solar tax credits. This means that the cost of a residential solar panel system in the state can be as low as $2.69 per watt after rebates. This means that Rhode Island homeowners can break even within six to nine years after installing their solar panels.
To take advantage of the renewable energy growth program, homeowners should apply through the Rhode Island Energy’s Interconnection Process Webpage. Under this program, homeowners receive up to $5,000 in upfront grants for installing solar panels on their home. The incentive is based on the size of the system and is taxable, so applicants need to submit IRS Form W-9.
In Rhode Island, many solar panels are already installed. There are several small solar farms in the state, including the old Meadow Farms with 16.2 MW, Brown University Dry Bridge Solar, and Alton Road Solar. The largest solar project in the state is University Solar’s 50.7 MW portfolio of ground-mounted solar arrays.
Rhode Island has made significant strides toward renewable energy sources. The governor recently signed a bill requiring electric providers to increase the percentage of renewable energy they purchase. This legislation aims to transition the state away from fossil fuels and create local jobs. It also promotes the development of renewable energy sources, including solar panels.
Renewable energy systems are not only good for the environment, but they also increase home value. The federal Investment Tax Credit (ITC) is currently 26% of the total system cost. Additionally, the state’s 7% sales tax is not applied to solar energy equipment. This can add up to over $1000 in some cases. The federal solar tax credit can help homeowners save money and install solar panels in Rhode Island.