Everyone is wondering, are solar panels worth it in Rhode Island? As of June 2022, the cost per kilowatt-hour in Rhode Island is $0.10 to $0.15 per kWh, higher than the national average. According to Energy Sage, the average residential electricity rate in Rhode Island is 21 ¢/kWh. With costs rising from utilities to food to everyday necessities, many homeowners are exploring going solar in order to save money and gain some control over rising costs.
When a property owner starts looking into the process of deciding to go solar in Rhode Island, one of the main goals of the research is to figure out if going solar is actually worth it for them. We will discuss a few main points for homeowners to consider when navigating solar companies and solar incentives in RI.
If you would like to learn more about what the solar process and your specific solar systems savings would look like for your home, you can schedule a 30-minute virtual consultation with our team at Alliance Solar.
Are solar panels worth it in Rhode Island? Well, let's talk about the available solar incentives. The cost of solar panels Rhode Island residents pay is a common concern. One of the main ways that people can save by going solar is by taking advantage of federal tax credits.
This year, 2022, property owners can take advantage of a 30% federal solar tax credit based on the total cost of the system. Coupling that with a solar installation that doesn’t require a down payment or any money out of pocket up front can equal instant savings for most homeowners.
After 2032, the solar tax credit incentive is reduced to 26% so to unlock the most bang for your buck, now is the best opportunity to save. It might seem cliche to say there is never a better time to make the switch to solar, but with Rhode Island solar incentives and federal tax credits scheduled to decrease in the future, it really is true. Rhode Island homeowners who switched to solar in years past were eligible for even greater solar incentives, so it’s ideal to get on board before the benefits reduce in the future.
There are a few main state and utility programs available for Rhode Island solar incentives 2023 and beyond. Before ordering up a single solar panel, know it can be confusing and difficult to navigate if you are not familiar with the terminology. We have RI solar experts ready to explain your options to you so that you can choose the best option to suit your goals and needs.
Often you will see a reference to NEM, REG, and REF options. These different programs offer different incentives and buyback options which can provide increased savings for solar panels in Rhode Island and help you gain energy independence much faster than states without these programs.
Rhode Island has a state sales tax exemption for solar panel systems, which also offers savings. You won’t have to worry about added sales and use tax on your system.
We hope this provided some insight into the categories you should be considering when deciding, are solar panels worth it in Rhode Island. Say goodbye to your electric company because when all is said and done, solar IS worth the price tag in the long run. You're reducing fossil fuels, lowering property taxes, and gaining assistance from the federal government to help with the solar panels energy cost.
If you’d like to have a 30-minute consultation with one of our solar pros to go over your specific energy needs and savings, you can take this quick survey to see if your home qualifies and schedule a meeting with our team at Alliance Solar!
If you have any questions about the process that we didn’t address here or in our other blogs, reach out to our Rhode Island solar company! We have flexible hours and availability to meet at your convenience to help guide you through the process. We may even be able to help with free solar panels Rhode Island!
