Federal, State, and Utility Solar Incentives are constantly changing. Here are the programs currently in place, which will help to reduce the cost of your solar 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 amount of the grant and then is later reimbursed by the state. You do not have to apply for and wait to receive grant money.
- 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 will cut you checks for the value of the electricity that you produce beyond your electricity bill amount. This option is great for those looking to finance their installation, as the additional cash flow helps pay for the loan.
- Federal Tax Credit – a taxpayer may claim a tax credit of 30% of total system installation 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 stays involved with state officials by advocating for pro-solar policies and incentives. We know how important it is to help our customers get the best price for their system and thus their electricity. We continue to work with our legislators in driving down regulatory permitting and installation costs so that you can get a better deal on your solar system.
Newport Solar is able to supply information regarding tax credits, however, we are not accounting professionals and suggest that you speak with your preferred tax advisor about your specific eligibility.