By empowering more than 120k homes with solar power, Rhode Island has occupied a 32nd position in the US in this category. The American state offers different incentive programs to encourage the public to use renewable energy sources. According to reports, Rhode Island has invested over one billion USD in solar energy, catering to nearly 11% of electricity demands. If you have heard about the advantages of using solar power over traditional electricity but are still deciding whether to make a move due to expensive installation, knowing about the state’s incentive programs will help. These can reduce or eliminate your purchasing cost upfront. So, let’s explore this area for a better knowledge.
Renewable Energy Fund (REF)
These types of Rhode Island solar incentives offer one-time rebates on solar panel installation to encourage more businesses and households to switch to renewable energy sources like this. For this incentive, a solar power company must submit a solar project application for inspection by the authorities. Once the system is installed, they will examine the site before transferring the incentive amount to installers. Because of this, the companies can offer installation discounts straightforwardly.
Renewable Energy Growth (REG)
This performance-oriented program rewards people periodically. Under this program, you pay for your solar power consumption at a fixed rate from USD 26.15 to 27.75 cents per kWh. It recognizes early birds till the time subscriptions are open. To qualify, one needs to apply for the incentive. Remember, one can access REG or REF at a time. But any of them can be accessible together with solar tax credit provided by the federal government.
Under this program, you can sell excess energy from your solar systems to the grid for billing credits. Credits can cover up to 125% of energy consumption expenses for the billing period. Many utility companies run these programs today. You may wonder about the ways to utilize this. As such, residents are free in this matter. Solar installers take care of this. They give you access to a bidirectional meter to track energy consumption and supply to enjoy net metering benefits.
Should you go for solar panels in Rhode Island?
The smallest American state gives you many reasons to adopt green energy sources. You can cut down your electricity bills by going the solar power way. Also, grid electricity costs homeowners almost twice the national average of USD $16.14 cents per Kwh. At the same time, the different financial incentive programs increase your energy savings more. Since solar energy is cleaner and resilient, it becomes a crucial factor.
While choosing solar power over traditional energy sources is better any day, you want to improve your experience with this growing technology. When you choose a solar installer, find someone who offers complete help with installation and maintenance. Getting a storage battery for excess energy is advisable. Check their experience and reputation in the industry. If a solar power company satisfies these things, you can go ahead with your decision. As for better savings, explore incentive programs available at the state and federal levels.