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Residential electricity rates in Rhode Island are more than 21% higher compared to other states.1 In fact, the U.S. Energy Information Administration (EIA) shows Rhode Island’s electricity costs are some of the most expensive in the country.2
Thankfully, home solar prices in Rhode Island have fallen 34% over the last five years, according to the Solar Energy Industries Association (SEIA).3 So teaming up with a Rhode Island solar company like Sunrun is one of the smartest moves you can make to take control of your electric bills and reduce your carbon emissions.
As the nation’s largest residential solar, storage and energy services company,4 Sunrun offers several solar plans to help you go solar, simply and affordably.
|Solar Savings Types||Value of Savings|
|Federal Solar Tax Credit||26% federal solar tax credit is available for home solar systems installed by December 31, 2022|
|$1.00/W up to $8,000|
|Property Tax Exemption||Average savings $15,000|
|Renewable Energy Systems Sales Tax Exemption||100% sales tax exemption|
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
With BrightSave™ Monthly, our most popular solar plan, you can lease new Sunrun solar panels for little to $0 down and receive the same dependable power as solar ownership. But with the added perks of low, predictable monthly solar payments for 25 years, as well as professional monitoring, maintenance and insurance, thanks to our industry-leading Sunrun Guarantee.
Prefer the worry-free benefits of a solar lease without monthly bills? With BrightSave™ Prepaid, you can lock in lower electricity rates than what you pay your electric company today for the next 25 years by making a simple, one-time upfront payment. When you prepay your solar power, our Power Purchase Agreement (PPA) plan offers you the best value in solar. BrightSave Prepaid also includes our Sunrun Guarantee for your full peace of mind.
With Sunrun, you can become a home solar owner in Rhode Island by purchasing your system upfront with BrightBuy™ or, for $0 down and low, fixed monthly payments with BrightAdvantage™. Both plans put your name on the system and the power for life while boosting your home equity.
As a new Rhode Island home solar owner, you’re eligible for excellent solar incentives, such as a federal solar tax credit5* and a property tax exemption on the added home value from your system’s cost. Purchased systems are 100% free from state sales tax, too, which can save you 7% right from the start.6
Also, Rhode Island home solar systems are eligible for the Renewable Energy Fund (REF) small-scale grant program. REF funds 90 cents per watt of panel-related power with a $7,500 limit.7 If eligible, an average-sized 6-kilowatt system will earn you a $5,400 grant for purchase and installation costs.
National Grid customers whose systems aren’t eligible for REF can apply for the Renewable Energy Growth (REG) program. REG is available for systems of up to 25 kilowatts, and it opens every year on April 1 on a first-come, first-served basis until the program’s capacity is met.8 Note that the REF and REG programs can’t be combined, so you can only apply for one program, not both.
Residential solar consumers who participate in National Grid’s REG program will get paid 24.95 to 28.45 cents for every kilowatt-hour they produce during the first 15 to 20 years of their system’s life.9 A 6-kilowatt home solar system generates between 17.4 and 27.6 kilowatt-hours per day, on average, over the year.10 Under REG, you can earn more than a thousand dollars annually for the electricity you produce.
In addition to these Rhode Island solar tax credits and incentives, the average payback time for a home solar system in the Ocean State is less than two years.11 With systems designed to last 30 years or longer, it’s easy to see why going solar in Rhode Island is a smart investment.
In 2017, Rhode Island Governor Gina M. Raimondo presented the “1,000 by ’20” Clean Energy Goal. This goal aims to increase the state's clean energy with 1,000 megawatts of renewable energy projects by 2020 along with the creation of thousands of new clean energy jobs.13 Rhode Island has committed to having 38.5% of its electricity come from renewable sources by 2035.14
You can support the Ocean State’s clean energy goals and job growth by choosing to make your own solar energy in Rhode Island and reduce your carbon emissions with a solar company like Sunrun today.
When you go solar with Sunrun, you won’t just reduce your carbon emissions. With Rhode Island’s net metering program, residential solar consumers can earn credits for the electricity they add to the grid,15 so you’ll have better control over your home energy costs.
If you’re interested in discussing the available solar options for your home, our team is here to guide you every step of the way. Take the first step by requesting a free, personalized solar quote. Together, we can ensure Rhode Island keeps growing strong in America’s clean energy revolution.
*We recommend contacting a tax professional to accurately determine the impact of the federal solar tax credit on your taxes.