RI Renewable Energy Fund Incentive Update

RI Renewable Energy Fund Incentive Update

The Renewable Energy Fund Solar Grant in Rhode Island has been consumed ahead of schedule.  However, the state has stepped up with additional funding to carry the industry through.

An increasing number of Rhode Islanders are taking advantage of the solar incentive programs available in the state. Both the Renewable Energy Growth Tariff Program and the Renewable Energy Fund have achieved their allotted capacity or funding ahead of schedule.

The allotted special money in the Renewable Energy Fund Solar Grant is to be available for Net Metered solar systems. The grant is available to systems that meet or exceed the 80% efficiency requirement. This means that the weighted average of all roofs to be installed on are at least 80% efficient as compared to the ideal roof in Rhode Island.  During our free on-site visits, Newport Solar will collect this data on your property to see the efficiency of your roof or ground mount locations.

Based on the size of your proposed system, RI Renewable Energy Fund will award a grant for a dollar per watt, up to $8,000. For example, if you install a 5.8 kilowatt system, your grant amount would be $5,800. If you install a 10.7 kilowatt system, your grant amount would max out at $8,000.

Each year the Renewable Energy Fund is divided into a number of blocks, and each block has a certain allotment of funds available for solar projects on small and commercial scales. Block 15 had a total funding amount of $1.4 million, and ran out weeks ahead of schedule.

The special allotted funds are in “Block 16” which opens on December 1st and will close when the allotted money has been consumed. There is a total of $400,000 available for small-scale solar projects. Newport Solar expects this money to get used up quickly, due to the popularity of the program as well as the time gap between grant blocks. Applications are considered on a first come first serve basis, so the earlier documents are submitted, the more likely the project is to be awarded a grant.

We recommend signing a contract with Newport Solar by November 27th in order to ensure all paperwork can be submitted on December 1st. This is a great opportunity to have the price of your solar array reduced by thousands, so do not hesitate to Contact Newport Solar and get your solar grant application submitted.