Solar power in Newport, Rhode Island
Newport residents are incredibly lucky since incentives in Rhode Island couldn't get any better with three levels of incentives available.
Unlike most places Newport has a 37.75 cents per kWh feed-in-tariff. Besides the usual federal tax credit — worth 26% in 2020, and 22% in 2021 —there is an on-top rebate of $1.05 per watt.
When you put all the incentives togther, about two thirds of all upfront costs for the system are covered.The remaining third you pay for is covered very quickly with the feed-in-tariff.
All in all, going solar is a no brainer for your home or business in Newport.
With many state legislatures believing the incentives in place are too generous many are set to expire or step down so the time to act on solar is now!
Net Metering Broken Down
Rhode Island's feed-in tariff program is very similar to a net metering program... except that it's much better for homeowners!
Under net metering, which exists in most states, you are eligible to receive the retail value of power for any excess electricity exported to the grid.
With the Rhode Island feed-in-tariff, by contrast, you receive 37.75 cents per kWh for any excess power exported to the grid. With power at an average of 19 cents per kWh, it is, in essence, twice as good as net metering.
The average cost of installing residential solar panels in Newport,
Rhode Island in 2020 is
$2.77 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Newport, RI
is $13,850.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in Rhode Island is only 597kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Newport solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our Rhode Island solar savings calculator can do this because it contains a database of the electric rates charged by The Narragansett Electric Co, National Grid
How much can solar panels save you in Newport
What does the cost of a real solar system look like?
Facts about installing a 8.63kW solar system in Newport, RI
This system would offset 100% of your energy usage if your typical monthly bill is $200, however your situation may vary so try our Newport solar calculator to get a result tailored to you.
$11,360
Net cost of system
4 Years 4 Months
Average payback time
10,859 kWh
Annual power production
4¢/kWh
Levelized cost of solar energy
39¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 8.63kW system
Life-time savings on this system over the next 25 years
$90,442
(Prices shown after repayments of capital)
22
Solar companies in Newport, RI that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Newport
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,593 | $7,121 |
| 4kw | $8,584 | $9,271 |
| 5kw | $10,471 | $11,309 |
| 6kw | $12,299 | $13,283 |
| 7kw | $13,986 | $15,105 |
| 8kw | $15,570 | $16,815 |
| 9kw | $17,116 | $18,485 |
| 10kw | $18,500 | $19,980 |
Find out what system size you need for your home
Going solar in Rhode Island
Check out all of the ways energy providers of Rhode Island can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Small Scale Solar Grants (Commerce RI) | State | Grant Program |
| Rhode Island Renewable Energy Fund (REF) | State | Rebate Program |
| Property Tax Exemption | State | Property Tax Incentive |
| Sales and Use Tax Exemption | State | Sales Tax Incentive |
| Net Metering | State | Net Metering |
| National Grid Renewable Energy Growth Program - $0.2845/kWh value if opt to take instead of REF grant | Utility | Performance-Based Incentive |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
