{"id":5886,"date":"2021-12-28T15:15:00","date_gmt":"2021-12-28T15:15:00","guid":{"rendered":"https:\/\/www.portal.solar.com\/learn\/going-solar-in-rhode-island\/"},"modified":"2022-11-10T23:15:24","modified_gmt":"2022-11-10T23:15:24","slug":"going-solar-in-rhode-island","status":"publish","type":"post","link":"https:\/\/www.solar.com\/learn\/going-solar-in-rhode-island\/","title":{"rendered":"It&#8217;s Time to Consider Going Solar in Rhode Island"},"content":{"rendered":"<p><u><\/u>The future looks bright for going solar in Rhode Island. The State\u2019s <a href=\"http:\/\/commerceri.com\/finance-business\/renewable-energy-fund\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Renewable Energy Fund<\/a> (REF) is incentivizing solar energy investments throughout the State through a grant program equivalent to a rebate.<\/p>\n<p>The REF program wants the State\u2019s citizens to discover the financial benefits of investing in solar energy. The State is offering a four-year program paying solar panel purchasers an incentive exceeding that of their current retail electricity rates of $0.19 kWh \u2013 the 6<sup>th<\/sup> most expensive rate in the nation.<\/p>\n<p>The REF program is reviving the benefits of solar energy throughout Rhode Island. We are going to give you a rundown of your bright future with solar energy in RI.<\/p>\n<h2>Benefits of Going Solar in Rhode Island<\/h2>\n<p>There are many financial benefits for going solar in Rhode Island. The state is making investing in a solar energy system affordable for homeowners through the following incentives:<\/p>\n<h2>Rhode Island Solar Power Grants (Rebates)<\/h2>\n<p>As one of the top 10 renewable energy programs in the nation, REF extends homeowners grants (rebates) of $1.15 per watt of solar power energy \u2013 capped at $10,000 per home system installed.<\/p>\n<p><img style=\"margin: 0px auto; width: 750px; display: block;\" title=\"rhode_island_blog_img_v2_720.jpg\" src=\"https:\/\/assets.solar.com\/wp-content\/uploads\/Blog_Images\/rhode_island_blog_img_v2_720.jpg\" alt=\"rhode_island_blog_img_v2_720.jpg\" width=\"750\" data-constrained=\"true\" \/><\/p>\n<p><strong>The REF program<\/strong> accepts the application for grants on a rolling <em>Block<\/em> basis every quarter of the upcoming year.<\/p>\n<ul>\n<li>Each <em>Block<\/em> is comprised of a $300,000 budget for homeowner grants<\/li>\n<li>Each quarter, applications from homeowners will be reviewed and approved by REF<\/li>\n<li>30 grants to homeowners will be funded to homeowners in each <em>Block<\/em> in 2017<\/li>\n<li>120 grants to homeowners will be funded to homeowners by the end of\u00a02017<\/li>\n<\/ul>\n<h2>Rhode Island Solar Performance Payments<\/h2>\n<p>For a small scale, solar project \u2013 up to 25 kW \u2013 the Renewable Energy Growth Program will pay every\u00a0homeowner $0.3775 per kWh that their solar panel system supplies to the power grid.<\/p>\n<p>This long-term performance payment is extended for 20 years and is guaranteed money in your bank account. This incentive could add up\u00a0to $12,735 over the next 20 years.<\/p>\n<h5><strong>Federal Income Tax Credit<\/strong><\/h5>\n<p>Receive an automatic Federal Income Tax credit of 30 percent when you purchase your solar energy system.<\/p>\n<h5><strong>Rhode Island Solar Property Tax Exemption<\/strong><\/h5>\n<p>Despite the increase in value to your home when you install a solar power system, property tax laws in Rhode Island protect your property from increases in assessments.<\/p>\n<h5><strong>Rhode Island Solar Sales Tax Exemption<\/strong><\/h5>\n<p>Your purchase and installation of a solar energy system for your home will be 100 percent exempt from all sales and use tax.<\/p>\n<h5><strong>Residual Benefits of Solar Energy<br \/>\n<\/strong><\/h5>\n<ul>\n<li>Cleaner and more sustainable energy source of power<\/li>\n<li>Stimulation of the State\u2019s job growth in green technology<\/li>\n<li>Stimulation within energy sectors of the State\u2019s economy<\/li>\n<li>Increased home value by at least the cost of your system<\/li>\n<\/ul>\n<h2><strong>Solar Loan Expectations<\/strong><\/h2>\n<p>This is what you can expect to receive for a $17,500 loan to purchase a 5kW solar energy system for your home.<\/p>\n<p><img style=\"width: 600px; margin: 0px auto; display: block;\" title=\"rhode island solar panels\" src=\"https:\/\/assets.solar.com\/wp-content\/uploads\/Blog_Images\/roof_solar_installer.jpg\" alt=\"rhode island solar panels\" width=\"600\" data-constrained=\"true\" \/><\/p>\n<ul>\n<li>The reduced out-of-pocket cost to $11,750 (after the REF solar grant rebate)<\/li>\n<li>Federal Income Tax break of 30 percent of the cost of your solar system; reducing the cost of the system to $8,225<\/li>\n<li>$76 monthly loan payment (reduced to $35 net energy payment after SRECs)<\/li>\n<li>$452 net spending on energy in the first year<\/li>\n<li>Energy income continuously offsetting your loan payments<\/li>\n<li><strong><em>Expected lifetime savings: $39,500 on a zero-down investment<\/em><\/strong><\/li>\n<\/ul>\n<p>Now that you understand how much money you can save from going solar in Rhode Island, let&#8217;s make sure you <a href=\"https:\/\/www.solar.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">receive the most affordable, highest quality solar panel system.\u00a0<\/a><\/p>\n<h2>Start Receiving Your Online Solar Quotes<\/h2>\n<p>Rhode Island homeowners face many overwhelming and confusing unknowns about how to begin the process of purchasing and installing a solar panel system.<\/p>\n<p><a href=\"https:\/\/pickmysolar.com\/solar-installation-process\/\" target=\"_blank\" rel=\"noopener noreferrer\">Discover<\/a> how Solar.com&#8217;s online solar quotes easily compare:<\/p>\n<ul>\n<li>Solar equipment<\/li>\n<li>Financing options<\/li>\n<li>Solar installers<\/li>\n<\/ul>\n<h2>All-Inclusive Solar Energy System<\/h2>\n<p>While avoiding high-pressure sales tactics, you can select the Rhode Island solar company best qualified to meet your personal and budgetary needs.<\/p>\n<ul>\n<li>Select the bid making the most sense for your home<\/li>\n<li>Review and approve the purchase contract terms and conditions online agreed to between you and the solar provider you have selected<\/li>\n<li>Finalize and sign the purchase contract online<\/li>\n<li>Watch as we make sure your solar energy system is installed in a timely and proper manner and to your utmost satisfaction<\/li>\n<li>Rest easy while Solar.com monitors your new solar energy system\u2019s performance. Your satisfaction is our top priority.<\/li>\n<\/ul>\n<h2><strong>Comparing Solar Installers So You Don\u2019t Have To\u00a0<\/strong><\/h2>\n<p>Discover the ease of going solar with online solar quotes through Solar.com. Because we have designed a one-stop shop for clean energy, our dedicated solar experts are available Monday through Friday between 7:30 a.m. and 7 p.m. See how much you can save with Solar.com, <a class=\"c-link\" href=\"https:\/\/www.solar.com\/dashboard\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.solar.com\/dashboard\" data-sk=\"tooltip_parent\">here!<\/a><\/p>\n<p><img id=\"hzDownscaled\" style=\"position: absolute; top: -10000px;\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The future looks bright for going solar in Rhode Island. The State\u2019s Renewable Energy Fund (REF) is incentivizing solar energy investments throughout the State through a grant program equivalent to&#8230;<\/p>\n","protected":false},"author":41,"featured_media":6065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[90],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.5 (Yoast SEO v19.10) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It&#039;s Time to Consider Going Solar in Rhode Island | Solar.com<\/title>\n<meta name=\"description\" content=\"The future looks bright for going solar in Rhode Island. The State\u2019s Renewable Energy Fund (REF) is incentivizing solar energy investments\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solar.com\/learn\/going-solar-in-rhode-island\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It&#039;s Time to Consider Going Solar in Rhode Island\" \/>\n<meta property=\"og:description\" content=\"The future looks bright for going solar in Rhode Island. 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