The RI Renewable Energy Growth Program has created a solar tariff that will allow more Rhode Island residents to install a profitable solar system. The program is now in full swing; National Grid is accepting applications for the interconnection of Renewable Energy Growth projects. The program has allowed for 3.0 Megawatts of residential solar in 2015; this amounts to a little over 400 systems of 7 kW in size (an average assumed size). Find more details on the program in this informational PDF.
The RI Renewable Energy Growth Program is designed to enable a simple, customer-friendly process with standard pricing for residential and non-residential solar photovoltaic systems. This incentive is an alternative to the current Net Metering solar installations with accompanying Renewable Energy Fund Grant.
Newport Solar is now installing residential and small commercial solar projects through the RI Renewable Energy Growth Program. In this program a residential producer buys all of their electricity through their current meter and sells all of their solar electricity through a separate tariff meter. A portion of the value produced is used to pay the customers bill. When excess value is produced beyond the bill amount, National Grid will cut a check for the value of the excess electricity that the solar array produces.
The highest incentive is offered for solar systems less than 10 kW in size. National Grid will pay one of two contracted rates for the electricity produced through the tariff meter:
– $0.41 per kWh for a 15 year contract
– $0.38 per kWh for a 20 year contract
The RI Renewable Energy Growth Program presents a unique option for giving solar access to a broader range of individuals. Because the installation generates cash flow beyond bill savings, it is easily financed. An efficient and well installed tariff system will generate enough cash flow to service a loan and leave addition money in the customer’s pocket. Newport Solar has can connect customers with numerous financing sources during the site analysis process.
The RI Renewable Energy Growth Program promises to help many more Rhode Island residents Go Solar and save money in the process.