Rhode Island Solar Panels
With new technological advancements, financial incentives, and regulatory actions, solar power in Rhode Island is now more affordable than ever. You can qualify for a 30% federal tax credit through 2016 no matter the size of your solar project. In addition, state and local incentives can be matched to help you pay for your project.
In rhode island solar panel installations on houses are legal, but there are some restrictions and regulations you should be aware of before you start the installation. For instance, homeowner’s associations have aesthetic rules and may require homeowners to seek approval for their solar projects before making any exterior changes. In that case, you may have to hide or minimize your panels or install them in an awkward location.
If you choose to install solar panels on your roof in Rhode Island, you can participate in the renewable energy certificate (REC) program. The REC program allows you to net-meter up to 100% of the power you generate. In return, you will receive Renewable Energy Certificate (REC) credits that represent one megawatt hour of renewable energy. This process automatically reports your solar production to a REC Broker, which consolidates it into megawatt-hour packages and sells them to you. These RECs will eventually yield you cash dividends.
Rhode Island Solar Panels – Why You Should Consider Installing Solar Panels on Your Roof
The cost of installing a solar panel on your roof can range from under $1500 to more than $20,000. If you install a 5-kW solar panel on your roof, you can expect a savings of up to 95% on your electricity bill. Solar power is an environmentally friendly form of energy and is a cost-effective option for homeowners in Rhode Island.
The state of Rhode Island has a long history of solar power, and it has revitalized its solar program this year. Ten years ago, Rhode Islanders made a great early push into the clean energy frontier. In recent years, however, the program faltered. However, this is no longer the case.
The cost of a solar panel system in Rhode Island can vary significantly depending on the size and brand of panels, as well as local installation costs and permitting fees. However, the average residential solar system in the state will cost between $3 and $5 per watt, and it’s estimated that you’ll break even in six to nine years.
In addition to tax credits, Rhode Island also offers a performance-based incentive of $0.2845 per kilowatt-hour produced and $0.90 per watt installed. These incentives, combined with the state’s high electric rates and net metering law, can significantly reduce the cost of installation.
The net metering policy in Rhode Island makes it easier for homeowners to sell surplus electricity to the grid. In addition to paying for their PV systems, this policy allows homeowners to sell any excess solar energy to the utility at a discount rate. The utility pays you for the excess energy you produce in a given month and credits are rolled over into your account, allowing you to offset your future electricity needs.