Rhode Island is one of the most profitable states for homeowners who decide to get residential solar, but in order to get the most out of your investment it’s important to be up-to-date on the state and federal incentives to which you’re entitled. While Rhode Island may be the smallest state in the Union, the 21.4 MW of solar energy currently installed ranks the First Colony 41st in the country in regards to installed solar capacity. With 117 MW growth projections in the coming years, theres no surprise that the declining cost of solar in the region is at play. Furthermore, the residential solar popularity comes at no surprise – RI residents have been turning a profit by selling energy back to their own utility at a fixed, premium rate that is consistently higher than what they buy from the utility.
Established in 2015, The REG program was created to meet the renewable energy installation goal of 160 MW throughout the program’s 5-year duration. Now in 2017, Rhode Island is well on track to install 40 MWs of renewable energy per year, and has extended the program to a total of 400 MW of renewable energy by 2020 at the earliest and 2029 at the latest.
Much like the great state of Rhode Island, this incentive package is unique – customers of National Grid who apply to be designated as a renewable distributed generation (DG) project are eligible to sell their generation output back to the utility under long-term tariffs at a fixed premium rate.
To be specific, National Grid currently pays between 30.85 and 34.75 cents per kWh produced to the customer in the form of a Performance-Based Incentive. This rate was established by the Distributed Generation Board of Rhode Island and is a first-come, first-serve program. Incentives are expected to decrease once certain state milestone targets are met. Other tariff rates exist for third party owned systems.
Originally established January 1st of 2006, and given new life by the 2015 Consolidated Appropriations Act, the Residential Renewable Energy Tax Credit has had a huge impact on the American families looking to decrease their monthly energy expenditure. For homeowners who go solar, a taxpayer can claim 30% of approved expenses of their residential solar system. The reimbursement schedule is designed to scale back gradually as shown below:
These solar incentives for Rhode Island make going solar more affordable than ever before. Make your move toward a lower energy bill today and rest assured knowing that Trinity will be there every step of the way – see if you qualify here. You can also help champion your community—follow this link and for every family you help go solar through our referral program, you get paid.