The state of Rhode Island provides many incentives for those wishing to convert to solar energy systems. Grants and rebates reduce the costs to the greatest extent, and Rhode Island does have each in place. Additional incentives are also available through the federal government.
Summary of Rhode Island Incentive Programs
•Federal Tax Credit 30%
•State Tax Credit 25%
•State Grant Program and Utility Rebates
Rhode Island Rebates
Rhode Island offers grants through its Renewable Energy Development Program to many sectors in varying amounts depending upon the applicant type and scope of project, with a maximum amount of $750,000.
National Grid administers rebates to residential customers of up to $1500, and to commercial, industrial, and multi-family residential of up to $100,000 per project.
Rhode Island Tax Credits
The state allows credit for both commercial and residential installations of 25%.
Rhode Island exempts solar energy equipment from sales tax, and provides an option to each locality to exempt renewable-energy systems. People’s Power & Light also offers a production incentive of $.03 kWh.
Financing Options
The state loan programs are available to all sectors, up to a maximum amount of $750,000 depending on the size of project and type of applicant (e.g., residential, commercial, multi-family.)
Additional information is available at the DSIRE:Database of State Incentives for Renewables & Efficiency
