Home Solar in Rhode Island:
Local installers, tax credits, and rebates.
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Rhode Island residents who experienced power outages in a span of ten years¹
Prices have fallen 54% over the last 10 years²
Average yearly savings for homeowner's who switch to solar³
Rhode Island Solar
Rhode Island is characterized by its picturesque coastline and numerous bays and inlets. It's known as the “Ocean State“ due to its maritime heritage and extensive shoreline. Residential solar in Rhode Island powers approximately 120,280 homes. This achievement underscores the state's commitment to renewable energy and showcases its progress towards sustainability. With solar accounting for 11.06% of the state's electricity generation, Rhode Island demonstrates its dedication to reducing reliance on traditional power sources in favor of cleaner alternatives.
If you're a Rhode Island resident considering solar adoption, it's important to familiarize yourself with key state programs. Let’s explore the benefits of home solar in Rhode Island and uncover the potential that lies in harnessing the sun's energy to power your home.
Incentive Programs, Tax Credits, and
Solar Rebates in Rhode Island
|Federal ITC - 30%
|Solar PV systems installed in 2022 - 2032 are eligible for a 30% tax credit. The credit can only be claimed by on the original installation of the solar equipment located at a residence of yours. You must also purchase it using cash or financing, but you're not leasing the system or paying a solar company for the electricity produced by the system.
|Instant Rebate from EnergyPal
|EnergyPal secures group discounts by leveraging the depth of our network. We pass these savings onto homeowners every day!
|Home Energy Loans
|Efficiency Maine's Home Energy Loan program offers a cost-effective loan option for financing your solar energy system purchase. As a homeowner in Maine, you have access to loans of up to $15,000, with terms extending up to 15 years. Benefit from attractive interest rates as low as 4.99% to facilitate your investment.
|When your solar panels are in operation, ensuring proper credit for all the electricity your system generates is crucial. Fortunately, Maine has implemented a net metering policy. This policy ensures you receive credit for surplus electricity generated by your system and enables you to utilize those credits during periods when your system's production falls short.
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Other Solar Energy Incentives
The US federal government helps residents and businesses pay for their solar systems. The federal investment tax credit (ITC) allows for a tax deduction of 30% of the cost of a solar system currently. Tax credits can be rolled over if you can’t use the whole credit this year. The ITC cannot be claimed for solar leases or power purchase agreements (PPAs) where the third party financier takes the credits themselves, but that is typically baked into a reduced lease/PPA monthly for you.
If you purchased a $20,000 system, your savings from the federal tax credit would look like this:
$20,000 X 0.30 = $6,000 savings
Home Solar Financing in Rhode Island
There are three pathways to powering your home with solar energy in Rhode Island: purchasing the solar system outright, obtaining a loan for its financing, or opting for a leasing program. Solar systems can be financed by bank loans, solar installer financing, new home mortgages, energy loans and home equity loans or lines of credit. Cash works too. Regardless of your choice, solar panels can reduce your home energy expenses, contributing to financial savings and a cleaner power supply. Our Energy Advisors can guide you to the best solar deals in Rhode Island. Here's a comparison:
- Optimal Return-On-Investment
- Potential Reduction of Bills to near $0
- Enhances Property Value
Outright Solar Purchase: Homeowners with a stronger financial position often cover the full cost of solar upfront, yielding the highest return-on-investment over the system's lifespan. By paying in cash, homeowners in Rhode Island can claim tax credits and rebates, avoid interest charges, and directly enjoy the savings on their electricity bills. Some of our customers experience virtually no electricity expenses from the moment they install solar. We offer top-tier products at attractive cash prices.
- No Initial Expenses
- Ownership of the System
- Appreciates Property Value
Solar Loan Financing: Utilizing a solar loan enables you to save and own your solar system, as our financiers cover the upfront expenses (similar to an auto loan). Homes equipped with solar systems command higher value due to their lower operational costs. Depending on the chosen solar loan, you can achieve greater monthly savings or complete your financing earlier. Our team will help you secure the most favorable rates and terms to match your requirements. To learn about our latest offerings, connect with us
- No Initial Investment Required
- Complete Maintenance Coverage
- Lower Monthly Payments
- Guaranteed Rates
Solar Leasing: Leasing solar panels provides an accessible and cost-effective path to solar adoption. With zero upfront costs—often referred to as “$0 down solar financing“—installation and maintenance are entirely managed, and your home benefits from the energy generated by the solar panels. You pay a consistent monthly fee and save compared to your existing electricity bill. The reduced electricity rate are what many homeowners like about this option.
Talk to your EnergyPal Advisor about financing solar options in Rhode Island. We regularly source the best deals and terms for our customers. Let us guide you through the finance and application process from A-Z.
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Frequently Asked Questions
Is it worth going solar in Rhode Island?
In most cases, yes, solar will save you a significant amount of money. Solar panels produce electricity and reduce how much power you have to purchase from your electric company. The typical homeowner in Rhode Island pays around 26.92¢ cents per Kilowatthour.
What is the payback period for solar panels in Rhode Island?
Homeowners who install a solar array sized to meet 100 percent of their energy needs can still pay off the upfront cost in as little as 5-6 years. The typical payback period in Rhode Island averages 8.6 years.
How much are solar panels in Rhode Island?
As of August 2023, the average solar panel cost in Rhode Island is $3.61/W. Given a solar panel system size of 6 kilowatts (kW), an average solar installation in Rhode Island is $15,162 with 30% tax credit applied.
What incentives are available for solar in Rhode Island?
Solar installations in Rhode Island are eligible for the 30% solar tax credit. Connect with us to learn more about all the local Rhode Island incentives, tax credits & rebates you qualify for.