Going green has benefits for the world around us. At US Solar Works in Attleboro, Massachusetts, we work with businesses looking for solar panels in Rhode Island in Massachusetts. Our solar panel provider specialized in product options for companies of all sizes.
In general, this tax credit is equal to 30% of expenditures on systems with no maximum credit. This credit is calculated after all other rebates and incentives. The energy property must be operational in the year in which the credit is first taken.
Net metering in the source of the greatest incentive for installing commercial solar panels in Providence, RI and anywhere in the US, because it allows you to avoid the cost of electric power. This billing mechanism allows solar generators to be compensated at the retail rate of electricity for surplus generation.
A net meter will allow the meter to run backwards to provide credit against what electricity is consumed at night or during other periods when electricity consumption exceeds the solar system’s production. Customers are only billed for their “net” energy use. Some months a customer could have a negative consumption – this is more production than consumption.
Rhode Island Specific Incentives
Rhode Island Renewable Energy Fund
Provided by Commerce, RI, this cash rebate funds commercial scale renewable energy projects that generate electricity for on-site consumption. Grant awards are based on project size and are capped at $350,000 for a single project. US Solar Works applies on your behalf to get this rebate and will only start construction once we have received a reward letter. You as the customer will receive the rebate after the construction is complete and an inspector has reviewed the project.
When you install solar panels in Rhode Island, Commercial Property Assessed Clean Energy, or C-PACE, is a finance mechanism that allows commercial properties in Rhode Islands to invest in renewable energy and energy retrofits. C-PACE is essentially a loan that is paid on a tax assessment. C-PCAE assessments can have terms of up to 20 years, with competitive rates.
The benefit of a C-PACE loan is that it ties the investment to property and not the business. If a business relocates at any point during the repayment period, the assessment stays with the property and not the business.
Class One Renewable Energy Certificates (RECs)
RECs are clean energy credits that are equivalent to one megawatt hour of energy generated by renewables. Your solar production is monitored and automatically reported to a REC Broker, who consolidates this production into megawatt hour packages to be sold. The value of each REC is subject to market demand. US Solar Works uses long-term projections to predict this value and its effect on the project’s return. This will be paid each quarter or annually as a cash dividend.
Feed in Tariff:
(Customers may choose between the feed-in-tariff and the Commerce RI Renewable Energy Fund for their incentive program)
This incentive mechanism pays the customer for each kilo-watt of energy they produce. The customer receives these payments for the life of the tariff agreement, or about 20 years. For commercial customers, you will be receiving a check as you produce power. However, this will not affect your electric bill. Your electric bill will remain as it was prior to your solar installation. This incentive provides a payment for generating power only. If you choose the feed-in-tariff you cannot net meter.
Massachusetts Specific Incentives
Solar Renewable Energy Credit
SRECs are clean energy credits that are equivalent to one megawatt hour of energy generated by renewables. Solar production is monitored and automatically reported to a REC Broker, who consolidates this production into megawatt hour packages to be sold. The value of each SREC is set by Massachusetts Clean Energy Center. SRECs are currently valued more than the price of electricity, which makes solar a great option. US Solar Works uses long-term projections to predict this value and its effect on the project’s return. This will be paid each quarter or annually as a cash dividend.
Property Tax Exemption
The Commonwealth of Massachusetts has established a property tax exemption for any solar PV system with a capacity of less than 60 kilowatts and/or a capacity no greater than 125 percent of the historic annual energy needs of the property where it is located.
Contact us in Attleboro, Massachusetts, to learn about the product options from our solar panel provider. Our solar panels are available in homes and businesses throughout the area.