Rhode Island ranks #7 in America for savings from installing solar panels on your home
Solar power in Rhode Island
Rhode Island has been a solar friendly state for some time now but its high cost of power and its $0.375 production incentive for exported power now make it the most attractive state in the nation in which to install solar panels.
There is also a grant program that can award an upfront rebate of $1.05 per watt if you buy solar panels for your home.
To give you an idea of how good the savings are, if you take a 6kw system that you get quoted:
|Gross cost||$3.30 per wat||$19,800|
|Rebate||6,000 watts x $1.05 per watt||$6,300|
|30% federal solar tax credit||$4,050|
|Cost after incentives||$9,450.00|
|Annual production||6840 kWh|
|Average price paid for power||$0.20 per kWh|
|Assume you export 50% of generation and consume the rest|
|Annual return||3420 kWh x $0.20 +3420 kWh x $0.375||$1966.00|
|Return on Investment||20.8%|
Rhode Island have adopted the Renewable Energy Growth Program, this is essentially a Feed in Tariff or FiT, this means that excess kilowatt hours (kWh) that are exported to the grid (not used in your home) are given a price of $0.375 any funds due are distributed annually.
Conditions apply and your local Solar Installer may be your best option here for more info.
The combination of Net Metering, the FTC, some first class state based incentives and having one of the highest utility power costs in the nation makes solar a great investment for your home in Rhode Island.
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Rhode Island solar power facts
Average cost of a 5kw solar power system in 2018
Price shown before incentives
2 Years 11 Months
Average payback time
Average lifetime savings
Price shown after repayments of capital
levelized cost of solar energy
If you don't get solar
The forecast average utility price over the next 25 years
Annual power production
Cash flow graph based on cash purchase of a 2.93kW system
This 2.93kW system would offset 100% of your energy usage if your typical monthly bill in Rhode Island is $63, however your situation may vary so try our solar calculator to get a result tailored to you.
Solar companies in Rhode Island that provide pricing through the Solar-Estimate marketplace
Compare solar quotes from the top solar companies in Rhode Island
Compare solar quotes from the top solar companies in Rhode Island
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How much do solar panels cost in Rhode Island
$3.80 per watt
Cash purchased solar system
Before 30% solar tax credit
$4.30 per watt
Financed solar system
Before 30% solar tax credit
Av. 15 year term, 2.5% price escalator
What are the pros and cons of buying solar panels for your home in Rhode Island
The advantages of installing solar panels in Rhode Island is there is both state based incentives and the federal tax credit. In addition Rhode also has some of the mostexpensive power prices in the nation meaning overall the return on investment for an installation of residential solar panels in Rhode Island are outstanding.
The disadvantages of installing solar panels is that there is less overall solar irradiation in Rhode Island per year and so a solar system, produces less than it would in some other areas. However, the local incentives more than make up for this and I think Rhode Island home owners will be kicking themselves they didn't install solar panels while these generous incentives are around. Enter your details to calculate the cost and savings you are likely to get from installing solar panels for your home.
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Best brands of solar panels
To find the best brands of solar panels you can use America's most trusted solar panel comparison and reviews website, SolarReviews.
However, reviews of solar panels can be a bit meaningless because most consumer owners have not had any issues and so whilst solar company reviews are very important when choosing solar installers they are of less use when choosing solar panels.
For more information to help you make an informed decision about this topic, I would recommend this article about buying solar panels.
Unlock live pricing on the best solar panel brands!
How much electricity will solar panels produce in Rhode Island
Solar panels produce different amounts of energy in different locations.
Around the Providence area solar panels installed on a south facing 31 degree pitch roof will typically produce:
1,168kWh per year per 1kw of peak DC (direct current) capacity
For more information about how your location, roof direction and roof tilt affects solar power production use the solar panels calculator and enter your zipcode below.
See how much electricty your solar panels could produce
What rebates, solar tax credits and other solar incentives are available in Rhode Island?
Rhode Island Solar Power Rebates
The Rhode Island Solar Power rebates is a grants funded solar incentive.
The Rhode Island Renewable Energy Fund issue two rounds of grants per year. Prospective new solar system owners can apply for up to $10,000 maximum.
The incentive amount is $1.05 per watt for systems owned by the home owner or $0.70 per watt for systems owned by the solar company under a solar lease or PPA to get more info follow the link or contact a local installer.
Net Metering in Rhode Island
Many people don't understand the importance of net metering policy to the residential solar industry.
Solar by its nature generates most power during the middle of the day when most people are at work or school and little power is being used in the home.
Net metering means that for every unit of surplus solar generation generated during the day you effectively get a credit for that kilowatt hour of power purchased from the grid at another time.
Excess kWh are reconciled annually at the avoided cost rate, more info about Rhode Island net metering is here.
Property Tax Exemption
In Rhode Island solar installations are 100% tax exempt from property valuations so your property tax won't go up if you put solar on your house.
Rhode Island Interconnection guidelines
Connecting solar to the different utilities in Rhode Island is a process that can differ somewhat depending on the type of electricity customer you are and the size of the solar system you wish to install.
There is more info about it here but your best source of current info is likely to be your local solar installers.
Rhode Island Renewable Energy Growth Program
It is a very generous program that means any excess solar generation that is exported to the grid can be entitled to as payment of $0.37 per kilowatt hour for 20 years.
This is a massive incentive that will allow homeowners to make fantastic returns.
Any home owner in Rhode Island reading this should consider contacting a local solar installer to see if they can make the cut.
Regardless of what you want to know about the economics of installing solar panels for your home or business in Rhode Island we have a solar calculator that can show you exactly the information your require.
You can either use our full monty solar calculator that shows you everything you could possibly want to know or you can use one of our range of smaller calculators for specific solar calculations that focus on providing you only with the specific information you require.
What you can find out about installing solar panels in Rhode Island using our full monty solar calculator
This solar calculator requires you to input your address, utility company, your average monthly power spend - It tells you:
- What size solar system do you need?
Answers the question of How many solar panels do I need?
- How many square feet of roof space you need for solar panels
- Solar electricity production in annual kWh (kilowatt hours) you can expect from your solar system in Rhode Island
- The value of solar tax credits and other incentives you are entitled to based on the estimated size of system you need, your location and your utility provider.
- Likely cost based on an average of prices charged for solar systems of that size in the last year in Rhode Island or Providence ;
- The likely payback period on your solar panels and your investment return.
- Your total lifetime solar savings based on each of the major solar finance options, a cash purchase, a cash purchase funded with a HELOC sol (home equity line of credit) and a zero down PPA or third party lease product.
If you want to see all of the above but also see live pricing, the three best solar deals available in your city and get binding quotes from each of these solar companies then use this solar panels calculator. This calculator requires you to also input your name and contact details because most of our 200+ installer partners will only authorize the sharing of their live solar pricing where we have validated that you are a real homeowner with a home in their service area. We respect the privacy of your data and only share your contact details with the solar companies you ask us to get binding quotes from.
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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:
|Residential Renewable Energy Tax Credit||Federal||Personal Tax Credit|
|Small Scale Solar Grants (Commerce RI)||State||Grant Program|
|RI Renewable Energy Growth Program (up to $0.375 per kwh for 15 years)||State||Performance-Based Incentive|
Find your local rebates and incentives
Your city may have further incentives to offer. Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.