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!

Should I Get Solar Panels?: A Quick Guide To Buying Solar Panels For Your Home

Benefits of Purchasing Solar Panels

• Monthly Savings On Your Electricity Bills 
• The biggest motivator for homeowners to switch to solar is seeing an immediate savings in their next monthly electricity bill once they are installed. Across the country electricity prices continue to rise at historic rates. This is why solar in Massachusetts has become so popular. As of Feburary 2022, Massachusetts has the 4th highest electricity rates in the country. Rhode Island solar panels are also popular as they have the 5th highest electricity rates. Homeowners looking for ways to save money have found solar panels are an efficient solution that creates long-term savings. Instead of paying the local electricity company for your energy supply you are supplying your own energy from your roof or ground mount solar panels. Your solar panel installation will create enough energy to cover your monthly electricity usage so you no longer need to pay your energy provider for their energy. This means the constantly increasing electricity bill you have will now be delivered with ‘No Payment Due’ and in some cases adding credits to your account for overproduction! 
• Lifetime Of Financial and Environmental Savings 
• With solar panels those monthly savings turn into lifetime savings and a meaningful contribution to helping the environment. By creating your own energy through purchasing solar panels, you avoid paying rising electricity rates that change with the price of natural gas. In most cases, you pay a locked-in rate or loan fee for the lifetime of your solar panels. In 2022, the average price of electricity rose 7.5% from 2021, which meant more expensive electricity bills. With solar in Massachusetts, everytime the price increase that is additional savings for your household since your price stays the same. Once your solar panels are paid off, your electricity is completely free. Over the 25 year lifetime of solar panels that could equal $60,000 in savings. The additional benefit to buying solar panels is the reduction of CO2 emissions since you no longer rely on natural gas. One solar panel can offset have the same CO2 offset as planting 10 mature trees. For the average home that produces 7,000 Watts of solar power, this is the same as planting 180 trees a year. For this reason solar panels is the most significant way to decrease your carbon footprint without disrupting your current way of life. 
• Option To Lease Solar Panels or Purchase Solar Panels 
• How much money you will save on your solar panels depends on your choice to lease or buy solar panels. If you lease your solar panels then you will not have any upfront cost. Instead of paying a large sum upfront, you get panels on your roof and a locked in monthly payment. This monthly payment will be less than your current electricity bill. However, leasing solar panels can open the door for increased payments in the future if your lease agreement forces you to pay for increases in electiricty rates as the price of energy increases. 
• When you purchase solar panels there is an upfront cost which is usually paid for with a loan or cash. However, the total cost of solar will be offset by solar incentives. There are both federal solar tax credits and Massachusetts solar incentives available. These programs will decrease the total cost of solar panels and increase your savings each month and over the lifetime of your solar panels. When leasing solar panels, homeowners do not qualify for these incentives or the ability to create credits which adds up to a lot of added money over the lifetime of your solar panel installation. 
• How Much Do Solar Panels Cost? 
• Every home solar panel installation is unique. There are a lot of factors that go into determining how much solar panels will cost you. The key factors are how much energy you use, how many panels your home can support, whether you lease vs buy solar panels and what solar incentives you qualify for. The only way to know the price you will pay to install solar panels will be to get a solar quote. At Isaksen Solar, we quote solar for your home at your consultation free of charge. 
• Truth About Solar Panels
• We understand buying solar panels can be a major decision for homeowners. That is why the most important part of installing solar panels should be to find the best solar companies in MA and RI. A search of “solar companies near me” is a good starting point. The goal for every homeowner should be to find a solar company they trust. Whether its MA solar or RI solar panels, where to buy solar panels is an important question to answer. At Isaksen Solar, we aim to make the home solar panels process as simple as possible and answer all your questions.