RI Solar Incentives Change!
Rhode Island has a solar incentive update every year. The solar industry in Rhode Island is constantly growing and evolving; it is important for Newport Solar to do an incentive update for potential solar customers in Rhode Island.
To learn more about Net Metering, please see our blog post here.
To learn more about the Renewable Energy Growth Tariff Program, please see our blog post here.
A Net Metering system is one that uses a single meter to exchange energy with National Grid at the retail rate. The Renewable Energy Fund grant is available up-front to help pay for Net Metering installations. This money is allocated to solar customers based on system size; the state will now award $1.00 per watt for systems that are at least 80% as efficient as and ideal roof in Rhode Island. For example, a 7.0 kilowatt (7,000 watt) system would be awarded a grant of $7,000. However, the grant award is capped at $8,000 per project. Projects over 8.0 kilowatts will receive the maximum grant amount of $8,000.
Renewable Energy Growth Tariff
The Renewable Energy Growth Tariff Program is one that uses a separate meter to compensate solar array owners at a fixed rate for a fixed term. As of March 31st, a new 2017 rate structure is now in place. For both residential and commercial solar installations under 11.0 kilowatts, National Grid will pay $0.3475 per kilowatt hour for a 15-year term, and $0.3085 per kilowatt hour for a 20-year term. For systems over 11.0 kilowatts, solar owners will receive $0.2490 per kilowatt hour on a 20-year term.
Legislative Incentive Update
In addition, the Rhode Island General Assembly has passed legislation extending the Renewable Energy Growth Program an additional ten years. As of June 21st, Governor Raimondo has signed it into law. The program will now be in place until 2029.