Federal and state tax incentives boost Rhode Island solar industry

Federal and state tax incentives boost Rhode Island solar industryGermany is the world’s top producer of solar-powered electricity, and on June 9, 2015, it produced 50 percent of the country’s total electricity demand through solar power alone. On average, Germany experiences 3.0 kilowatts per square meter per day (kWh/m²/day) of sunshine. By contrast, Providence experiences 4.5 kWh/m²/day. If Germany can power half its country with just 3.0, think how much electricity your home solar power system can produce for you at 4.5 kWh/m²/day.

If you’ve been thinking about joining the solar power revolution, now is a great time to make the leap. The federal government offers a 30% tax credit toward the purchase of a home or small business solar system, so your original price will be reduced by that much the day you sign the papers.

Add to that the tax credits and incentives offered by the state government, and your purchase price for solar drops even more.

  • To meet its goal of 20 percent electricity generation through renewable resources, Rhode Island offers qualifying solar power purchasers a personal tax credit of up to 25 percent of the purchase price.
  • The state also waives the sales tax on the equipment used in solar power systems.
  • Certain municipalities also offer property tax exemptions for solar installations, so your price may drop even further.

The return on investment of solar dollars is impressive, too. Depending on the loan amount, a solar power system can pay for itself within seven to eight years, and continue saving money for the homeowner for years after that.

Cash is typically the cheapest way to fund any purchase, but sometimes even the incentivized costs of installing solar are more than a homeowner can expend at one time. In those cases, RGS Energy’s partners offer financing options that are designed for solar power installations and offer excellent terms and interest rates.

Rhode Island is investing in solar power along with the rest of New England and the country. Eliminating harmful carbon gases from the atmosphere lets everyone breathe easier. Enjoying the financial rewards of powering your home with solar energy lets you breathe easier, too.

To learn about the incentives that are available to you, visit www.rgsenergy.com for more information and a free quote.

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