Isaksen Solar Blog

What You Need To Know About Solar Panels In RI?

Whether you are new to Rhode Island or a long-time resident there will never be a better time to get solar panels in RI. Rhode Island has continued to take steps to lead growth towards a clean and affordable energy future. With this dedication to renewable energy Rhode Island currently ranks as 7th in the nation for the percent change in energy it gets from renewable sources over the last decade. This increase in renewable energy has been spread across six technologies: wind power, battery storage, energy efficiency, electric vehicles, charging stations and solar in Rhode Island. From 2012 to 2021, Rhode Island has had a 6,285.71% increase in the amount of electricity generated from wind, solar and geothermal, from 14 GWh to 894 GWh.

The progression to renewable energy in Rhode Island will continue as Governor Dan Mckee signed a new law with a goal to meet 100% of the state’s electricity needs with renewable energy by 2033. This is the fastest timeline of any state. To meet this goal the law requires utility companies to buy more power from renewable sources. 

When looking specifically at Rhode Island solar, the state ranked 24th in the country for the growth in electricity production from 1 GWh in 2012 to 720 GWh in 2022. This is enough energy to power 67,000 households for an enite year. Currently solar energy accounts for 9% of all the electricity production in Rhode Island.

With the state showing its commitment to a solar Rhode Island, let’s take a look at the benefits of making the switch and RI solar incentives. 

Why You Should Get Solar Panels In RI 

Rhode Island homeowners have some the highest electricity rates in the country

  • Residential electricity rates are more than 21% higher than the national average. As of 2018, RI was the 8th most expensive state for electricity in the country.  Unfortunately, they only continue to increase for RI homeowners with a 47% increase that started on October 1st. When residents switch to solar panels in RI, they are able to avoid paying rising rates, take control of their monthly electricity bill and in most cases completely eliminate their power expense. Installing solar panels leads to a lifetime of savings. Rhode Island solar companies can help you breakdown just how much you will save. 

Federal Solar Tax Credit Discounts The Full Price Of Your Solar Panels in RI

  • With the passing of the Inflation Reduction Act this summer, RI homeowners will see a 30% federal solar tax credit on the total cost of residential and commercial solar panels. 

Homeowners With Solar Can Receive Electiricty Bill Credits For The Power They Generate 

  • Rhode Island net metering grants residents credits for all power generated up to 125 percent of the on-site consumption during a billing period. This helps customers lower their bills, decrease the demand on the utility network during peak times and helps reduce carbon emissions across the state. 

Rhode Island Sales Tax Exemption for Residential Solar Panel System

  • Rhode Island solar panel purchases are exempt from state sales tax. With the average price of solar panel installations, this can be hundreds to thousands of dollars in additional savings.  

Solar companies in Rhode Island and ones that service Rhode Island can determine all of the RI solar incentives you are eligible for before you make a final decision to go solar. 

Solar is not a fit for every home so if you are curious if solar might be a good fit for yours give us a call, or get started on your free quote!