Environmentally conscious companies all over the United States have been switching to solar energy. What you may not know, however, is that your planet-saving energy plan will also mean tax benefits and other incentives for your business – in addition to improving your reputation in your community. When you install commercial solar panels in Providence, RI, and the surrounding area, you will receive the following state-specific incentives in addition to your federal tax breaks.
Rhode Island Renewable Energy Fund
This is a cash rebate funds commercial renewable energy products that generate energy for use on-site. You can receive up to $350,000 for a single project, depending on the size. Sometimes solar energy companies, like US Solar Works, will apply for this grant on your behalf, and start work only once they receive the award letter. You receive the funds when the project is complete.
This is a way for a business to invest in renewable energy. A C-PACE is an essential loan that you pay on a tax assessment. Because it is tied to the solar energy installation and not the business, if you relocate at any time you can still receive payment for the property.
Class One Renewable Energy Certificates (RECs)
Your solar energy is monitored by a REC broker, who then consolidates your energy production into megawatt hour packages which are then sold. The dividends will be paid to you either quarterly or annually.
Feed in Tariff
This tariff agreement will pay you for each kilo-watt of energy that you produce. This does not affect your electricity bill in any way but is only a payment for the energy that you produce. This will last about 20 years. If you choose to take advantage of the Feed-in Tariff, you are not eligible for net metering – a federal incentive.