Rhode Island currently offers 43 energy tax credits and incentives to businesses and residents to encourage the use of renewable energy, including solar power. If you want to get into solar energy in RI, here’s what you should know about Rhode Island energy incentives.
Rhode Island Solar Tax Credits and Incentives
Commercial Property Assessed Clean Energy (C-PACE)
This program allows business and commercial property owners to repay their solar energy project’s costs along with their property taxes. When building owners take advantage of C-PACE, they can install solar panel systems completely financed by private capital providers, so they have no immediate out-of-pocket costs. Then they can repay their project’s costs along with their property tax payments. With this financing and repayment structure, the C-PACE program can help make solar projects a reality for many Rhode Island business owners.
Commerce RI solar grants are available to small businesses, local governments, and homeowners so they can install and use solar energy systems. If you directly own your project, you can receive $1.05 per watt of electricity generated, with a maximum incentive of $10,000 per project and $200,000 per application. If your project is under third-party ownership, you can receive $0.70 per Watt generated, with a maximum incentive of $5,000 per project and $100,000 per application. To receive this solar grant, you must submit an application, which Commerce RI must approve.
Discover Your Solar Financing Options
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Net Metering is a process in which your solar project is connected to the power grid. Your project will generate enough electricity to power your facility, and if it generates any excess electricity, net metering will return it to the power grid. Then the power grid will send that extra electricity out into the community. If you have an eligible solar energy system on your premises, you will receive bill credits for all power your project generates for up to 125% during a billing period.
Renewable Energy Growth (REG) Program
Rhode Island’s Renewable Energy Growth Program allows customers with commercial scale and small scale solar projects to sell their electricity output at fixed prices under long-term tariffs. This program helps encourage businesses to develop and build distributed generation projects that help bring their generated power into the community. If yours is a small business with a project that’s 25 kilowatts (kW) or less, you may be eligible for the Small Scale REG Program. Overall, participation in the REG Program can help you generate income to pay off your system installation and contribute to your community.
Property Tax Exemption for Renewable Energy
You can receive property tax exemptions for your solar projects. These help make your solar project more feasible and affordable to install and maintain.
Sales Tax Exemption for Renewable Energy
This allows you to receive sales and use tax exemptions for renewable materials, including solar power. The exemptions help encourage the use of solar power.
Clean Energy Grant Incentive Program
This solar grant makes $1.5 million in financial incentives available for solar projects developed by public universities and colleges and state agencies. It’s part of Rhode Island’s Lead by Example initiative, and it’s meant to help reduce carbon footprints and decrease energy price volatility, while supporting the state’s clean energy economy. If you’re part of a state agency or a public university that wants to go solar, this program can help you implement your project.
Helping Your Rhode Island Business Go Solar
With all these incentive programs, Rhode Island is showing that the smallest state can make big strides in the realm of renewable energy. If you want to increase your energy savings and help improve the environment through solar power, contact Verogy today.
Get a Project Proposal Request a proposal from us today to learn how we can make your solar project a reality.
We’ll help your Rhode Island business access these incentives, so you can begin developing and constructing your solar project. If you want to build it, we will come.
Verogy is a professional renewable energy team with decades of experience in the solar industry. The core of our business is developing, financing, constructing, managing, and operating solar projects.