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Incentives in Rhode Island
Rhode Island Solar Performance Payments
The Renewable Energy Growth Program will pay every homeowner 34 cents per kWh that their solar panel system supplies to the power grid. This long-term performance payment is extended for 15 years and is guaranteed money in your bank account. This incentive could add up to $38,005 or more over the next 15 years.
Federal Income Tax Credit
Receive an automatic Federal Income Tax credit of 30% of your total solar system cost when you purchase your solar energy system. For example if your total solar system is $15,000. Your federal tax credit would be valued at $4,500. You can use this federal tax credit in 1 year, or spread it out over 4 years.
Rhode Island Solar Property Tax Exemption
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 tax assessments.
Rhode Island Solar Sales Tax Exemption
Your purchase and installation of a solar energy system for your home will be 100 percent exempt from all sales and use tax.
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Common Solar Benefits
Decrease in electricity cost
Protection against future utility electricity rate increases
Great return on investment
Increased home value by at least the cost of your system
Cleaner and more sustainable energy source of power
Stimulation of the State’s job growth in green technology
Stimulation within energy sectors of the State’s economy