Policies That Govern The Use Of Solar Systems In Rhode Island
The implementation of solar energy across the United States is a developing movement that has witnessed tremendous growth in recent times. With over $487 million in solar investments and more than ten solar companies, Rhode Island is definitely on the path to complete integration. There are some policies that have helped to mobilize the transition to the use of solar systems in Rhode Island. These policies generally facilitate customer-use, but they also encourage investment. Highlights of the policies that govern the use of solar systems in Rhode Island include;
Net Metering
Rhode Island has a net metering program that encourages residential customers to install rooftop solar panels. You get credits for extra solar-generated electricity that returns to the grid, and this allows you to have power, especially on days when your solar system doesn’t generate enough. The National Grid in Rhode Island offers the best utility net metering program for all residential solar panel customers. It also provides services, rebates, and incentives that help residents optimize energy-efficiency.
Tax Exemption
In addition to solar power, Rhode Island encourages all forms of renewable energy. There is a 100% tax exemption deducted from property taxes, which may have otherwise increased due to the value of any renewable energy equipment like solar systems. This Renewable Energy Property Tax Exemption, as well as the Renewable Energy Products Sales and Use Tax Exemption, makes all solar equipment eligible for complete exemption from state sales and use tax calculations. All these are in addition to the Federal Investment Tax Credit, which allows you to shave off 26% of the cost of your solar unit from your federal taxes. With the removal of these taxes, residents don’t have to worry about paying taxes for the installation and use of solar systems.
Renewable Energy Fund (REF)
Rhode Island has a grant program under the Renewable Energy Fund, which offers small-scale solar grants to new customers via the solar company. They provide up to $7,000 per watt of the solar system, and you instantly get the money you need for purchase and installation purposes. This program has promoted the creation of new solar system owners. The Renewable Energy Fund also covers for predevelopment feasibility studies, early-stage commercialization, and commercial renewable energy development.
Renewable Energy Growth (REG) Program
The Rhode Island National Grid and EnergySage collaborate on this program to provide necessary solar information online for customers. It is available for residents who didn’t qualify for REF, which is why residents can’t attempt to use both at the same time. The incentives for those who use REG is about 29.65 cents for every kilowatt-hour. Residential customers get the best services at the lowest cost with the feed-in tariff of the program.
As Far As Rhode Island Goes
Rhode Island may not be at the top-10 list of states with solar power usage, but it is getting there. The policies are very capable of spurring higher rates of solar installations in Rhode Island within the next few years.
