Looking into buying a home solar system? If you’re a Rhode Islander, you’re in luck—with some of the very best cash incentives available in the country, the Ocean State is absolutely teeming with reasons to go solar.1
Benefits like net metering, the Renewable Energy Fund, and the federal solar tax credit can all amount to a substantial return on your investment. It’s all the more reason to protect the paradise you know Rhode Island to be. Keep reading to learn more.
|Solar Savings Types||Value of Savings|
|Federal Solar Tax Credit||
26% of the final cost of the solar system
|Renewable Energy Fund||$1.00/W up to $8,000|
|Property Tax Exemption||Avg Savings $15,0005|
|Renewable Energy Systems Sales Tax Exemption||100% sales tax exemption9|
**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.
Households that go solar are eligible for a grant through Rhode Island’s Renewable Energy Fund.3 Eligible home solar systems are funded at a rate of $1.00/W, maxing out at $8,000. That means a 6kW solar system could earn you a grant of $6,000, saving you up to 25-30% on solar system installation costs.4 When you pair that with the generous federal solar tax credit, you could cover more than half the cost of buying a home solar system.
Keep in mind that solar system owners that receive a grant from the Renewable Energy Fund are not eligible for National Grid’s Renewable Energy Growth Program. Over the long run, the Renewable Energy Growth Program may save you more than the Renewable Energy Fund.
As a homeowner, you know that property tax exemptions can be a pretty big deal. So you’ll be pleased to hear that Rhode Island also employs a property tax exemption for home solar panels.5 And when solar systems can increase the value of your home by up to $15,000 on average, you can bet that it’ll amount to even more savings.6 The added value to your home from your solar system won’t be taxed, while getting you more bang for your buck if you decide to move.
The price of solar systems has gone down by over 50% in the past five years7—but we’ll never turn down a way to keep saving. That’s why the Renewable Energy Systems Sales Tax Exemption8 is a welcome addition to the other incentives available, saving you at least 7% when you buy Rhode Island solar panels.9
In addition to Rhode Island’s state solar incentives, solar system owners are also eligible for the federal solar tax credit10 if you buy your own solar system outright.* Currently, the federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax equal to 30% of the final cost of solar energy systems you install on your home. Starting in 2020, the tax credit will step down to 26%, and then again to 22% in 2021. After 2021, the tax credit for residential solar ends. We can help you maximize on all the solar savings available to you.
Our BrightBuy™ and BrightAdvantage™ plans give you the chance to buy your own solar system outright or through a hassle-free loan. We’ll create a customized agreement based on your individual needs. And by partnering with the top solar companies near you, you’ll also get a custom Rhode Island solar installation to meet the unique needs of your home and lifestyle.