2023 Incentives Update: Embrace a Bright Future with Solar and Batteries in Rhode Island
Welcome to the exciting era of solar power enhanced by energy storage; here is our comprehensive update on the latest technology, benefits, and incentives for solar and batteries in Rhode Island in 2023.
As experts in the field, Newport Solar is excited to share how these advancements can empower you to harness the numerous advantages of solar energy and battery storage. Whether you’re motivated by environmental consciousness, security, energy independence, or long-term savings, now is the perfect time to make an informed purchasing decision.
Key Benefits & Advantages: Why Choose Solar and Batteries in Rhode Island in 2023?
Inflation Protection via Solar:
The cost of electricity in Rhode Island has gone up about 40% in the last two years alone. With inflation in the United States continuing to increase the cost of goods and services, locking in savings by producing your energy on-site with a solar installation today can protect you from electricity price inflation for the next 25 years.
Cost Savings from Solar:
The solar industry experienced a remarkable 43% growth in 2020, solar power has become the most affordable source of electricity. By adopting solar energy, you can significantly reduce your monthly utility bills and lock in long-term savings. With the stable cost of solar installations and the available incentives, transitioning to solar power is a wise financial decision. By leveraging the Net Metering, the Renewable Energy Fund Grant, the 30% Federal Investment Tax Credit, and the Connected Solutions Program you can significantly reduce the upfront cost and enjoy long-term savings on your energy bills. Compared to what you pay now, solar produces electricity for about 60% cheaper.
By choosing solar power, you are actively reducing greenhouse gas emissions and combating climate change. Solar energy is clean, renewable, and doesn’t produce harmful pollutants, making it the environmentally responsible choice. Solar is your best path to actively reducing your carbon footprint and making a positive impact on the environment.
Energy Independence with Batteries:
Solar power, in combination with batteries, grant you the freedom to generate your own clean energy right at home. By installing batteries with your solar array, you can store excess energy to prepare for grid outages or emergencies, ensuring that essential appliances and devices continue to operate. Embrace energy independence with solar and batteries and gain peace of mind.
Solar power installations are durable and require minimal maintenance. By investing in solar now, you’ll benefit from long-term energy savings and insulate yourself against rising energy costs in the future. Additionally, the increasing demand for solar homes enhances property value, making it an attractive investment.
Solar and Battery Incentives
Net Metering for Solar Panels
Net Metering is a Rhode Island solar incentive that allows homeowners to sell back to the grid at the retail electricity price. This policy is foundational for solar and applies an appropriate value to the energy that solar arrays are producing to offset electricity use on-site.
Rhode Island Renewable Energy Fund
The Rhode Island Renewable Energy Fund continues to support residential solar installations in 2023. By partnering with the Commerce Corporation of Rhode Island, this program offers valuable grants to eligible net metering solar projects. The grant amount has been revised to a cap of $5,000 for new solar arrays, providing homeowners with upfront financial assistance that can reduce installation costs by up to 20%. However, it’s important to act swiftly to secure this grant before the final 2023 application round on October 23rd, 2023.
The Commerce Corporation of Rhode Island has expanded their support for homeowners in their pursuit of installing batteries with their solar installation, through the Renewable Energy Fund. As of 2023, eligible net metering solar installations with batteries can receive an additional $2,000, for a total grant of up to $7,000, significantly contributing to the battery installation cost. Act now to secure this generous grant for your solar installation and maximize your savings.
US Federal Investment Tax Credit for Solar and Batteries
The federal government recognizes the importance of clean energy. Through the Inflation Reduction Act of 2022, the Investment Tax Credit (ITC) has been extended to encourage the adoption of solar power. In 2023, the ITC offers a full 30% credit on new solar and battery installations, helping you reduce your tax liability and increasing the affordability of going solar.
It’s worth noting that the ITC program is scheduled to retire in 2032, so take advantage of this incentive while it lasts. Going solar now allows you to benefit from substantial savings and contribute to a sustainable future.
Connected Solutions for Batteries
In addition to backing up your home during a grid outage, while connected to the grid, batteries can help meet electric demand during times of high energy use. Typically, during hot and humid summer days, the electric grid is under the most strain. Batteries that participate in the Rhode Island Connected Solutions Program can help reduce this demand. For providing this service, battery owners can earn thousands of dollars per year.
Between the REF Grant, the Federal ITC, and the Connected Solutions Program, batteries are now cost competitive with generators while offering the benefits of low noise, low maintenance, and excellent longevity.
Technological Advancements in Solar and Batteries
Solar power has experienced significant growth, and it’s now the most cost-effective source of electricity. Panel wattage continues to march upwards with 400 – 420 watts per panel now being commonplace. With higher efficiency, more solar power production can be installed on your roof.
In addition, Enphase Inverter technology has advanced with higher wattage and better capability. Low light performance is excellent, and Enphase inverters are now shipped “Battery Ready” so that when operating with batteries, they can participate seamlessly as part of your home microgrid. Enphase inverters even produce electricity who’s signal is “cleaner” than the grid! This is great news for the devices in your home.
The Inflation Reduction Act of 2022 has also allocated funds to the Department of Energy (DOE) to enhance solar PV energy efficiency, promote cost-effectiveness, and expand the manufacturing and recycling of solar panels. This commitment to research, development and manufacturing will ensure that solar power remains a reliable and efficient energy solution.
Enphase batteries are using the most advanced and stable Lithium Iron Phosphate technology available. This makes Enphase batteries some of the safest, stable, and long lasting residential home batteries on the market.
Make an Informed Decision Today
2023 holds immense potential for solar and batteries in Rhode Island. With decreasing installation costs, generous incentives, and recent technological advancements, there has never been a better time to go solar.
Join us as we power Rhode Island’s future with solar energy and batteries. Contact us today to learn more about the incentives and how you can make a positive impact on your energy usage and the environment. Don’t miss out on the benefits of clean, renewable energy, financial savings, and a sustainable future!