There some great Federal, State, and Utility Solar Incentives to help offset the cost of your system.
- Renewable Energy Fund Grant: The Rhode Island Commerce Corporation offers a grant of $1.10 per installed watt of solar photovoltaic capacity. The maximum grant amount is $10,000 per electric account on the property. Newport Solar reduces your system price by the grant amount and we are reimbursed by the state after installation.
- Renewable Energy Growth Tariff: This incentive structure was created as an alternative to the Renewable Energy Fund Grant. This program pays you a premium for the kWh’s of electricity that your solar array produces. National Grid reimburses you for the value of the electricity that you produce beyond your electricity bill amount. This can provide ongoing cash flow that can be used to offset the cost of the system installation.
- Federal Tax Credit: A taxpayer may claim a tax credit of 30% of the total system cost against their federal tax liability. The tax credit has no maximum amount and may be carried forward to the succeeding tax year. This tax credit is set to expire December 31st, 2019.
Newport Solar is recognized as a leader in the RI residential solar industry. We are actively working with state Legislators and officials advocating for smart and fair solar policies and incentives. We know how important it is to help our customers get the best price for their system and maximizing their solar investment value.
Newport Solar is able to supply information regarding tax credits, however, we are not accounting professionals and recommend that you speak with your preferred tax advisor about your specific eligibility.