2020 REF Grants available beginning March 2nd, 2020
We will help you get ready for the March submission.
These limited solar grants will run out, we’re ready to work with you quickly.
There are great Federal, State, and Utility Solar Incentives to help offset the cost of your system.
- Renewable Energy Fund Grant: The Rhode Island Commerce Corporation’s Renewable Energy Fund offers a grant of $0.85 per installed watt of solar photovoltaic capacity for residential scale, net-metered solar PV installations. The maximum grant amount is $7,000 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. The REF has another grant program for commercial-scale solar PV installations.
- Renewable Energy Growth Tariff: This incentive structure was created as an alternative to the Renewable Energy Fund Grant. This feed-in tariff 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. The ReGrowth Program opens April 1st annually and accepts applications until program capacity is met.
- Federal Tax Credit: In 2020, a taxpayer may claim a tax credit of 26% 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 will reduce to 22% for installations commissioned in 2021.
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 tax professionals and cannot give tax advice. We recommend that you speak with your tax professional about your tax credit eligibility or tax plan.