Rhode Island Incentives
US SolarWorks keeps up to date with all local and federal financial incentives available.
We analyze each project to find the best combination of incentives for that particular system.
Rhode Island Solar Rebate Programs
RI offers two great incentive options for solar:
1. The REF cash rebate option is payed upon completion of your solar project.
2. The REG option gives you 20 years of guaranteed revenue for all solar energy produced.
Other local incentives include Net Metering and Renewable Energy Credits. In addition, new solar projects are eligible for a Federal Tax Credit.
US SolarWorks can help you find the optimal package of incentives for your project. Contact us today to find out more.
Renewable Energy Fund (REF)
Rhode Island’s Renewable Energy Fund (REF) offers an attractive cash rebate based on the size of the system. Commerce RI provides grants to help fund renewable energy projects. The size of the grant is determined by the total contract price, with a maximum award of $75,000 per project. Additional funds are available for the inclusion of solar carports.
US SolarWorks handles your rebate application. The customer receives this rebate after construction is complete. If you choose to take advantage of this REF State rebate, you are also eligible for net metering rebates as well, for more long-term cash revenue flow. The REF rebate program and net metering is limited to solar arrays sized up to, but not exceeding, the electricity currently consumed on your site.
Rhode Island Renewable Energy Growth (REG) Feed-In Tariff
Through the Renewable Energy Growth Program option, National Grid provides a 20-year contract for purchasing your electricity at a premium price. If you choose to utilize the REG Program, you are not eligible for the REF rebate option.
The Renewable Energy Growth program can be used for standalone solar projects and does not need to be coupled to the size of an existing electric bill.
Net Metering in Rhode Island
Net metering allows you to earn credits for surplus power generation. Your meter will compare the electricity you generate to the amount you consume. Any excess electricity will flow out into the grid, and credit your utility account. You are only billed for the “net” amount of energy used.
This incentive helps balance the naturally occurring highs and lows of solar production with your energy use. Net metering means your extra solar output during daylight hours can help pay for the energy you use at night.
In Rhode Island, you are able to net meter up to 100% of the power you use on site.
Renewable Energy Certificates (RECs)
When you install a solar system in Rhode Island, you can participate in the Renewable Energy Certificate (REC) credits based on the amount of energy your system produces. RECs are clean energy credits that are equivalent to one megawatt hour of energy generated by renewables. Solar production is monitored and automatically reported to the REC Broker which consolidates this production into megawatt hour packages to be sold. The cash value of the RECs is mailed to you quarterly as a cash dividend for producing clean energy.
Federal Tax Credit
The 2022 Inflation Reduction Act raised the federal ITC tax credit to 30% of full-price expenditures for solar arrays. This is calculated after all other rebates and incentives. The same legislation also provided a 10% adder for solar projects using US made equipment.
Now is the perfect time to begin your solar energy project so your business can take advantage of this tax credit.
