In recent years, state and national policies requiring increased public investments in renewable energy sources have caused a boom in the solar industry. Many states have set ambitious goals to power a certain percentage of their state’s electricity usage with renewable energy sources. Research and innovation have improved the efficiency of photovoltaic (PV) power systems, and at the same time, government incentives to reduce costs for purchasing and installing the systems have made their popularity soar.
Solarize RI takes off in North Smithfield
Rhode Island is rolling out its state-wide solar program — Solarize RI — through its municipalities. Through localized marketing and installation efforts, costs for individual projects are reduced through a group purchasing model. The higher the number of local citizens who install a home-based PV system, the less expensive it is for the rest of the community to follow suit. The state recently completed its first round of Solarize RI in North Smithfield, and a subsequent report revealed that there was a dramatic increase in PV education and interest in solar technology. RGS Energy was the exclusive contractor for the North Smithfield project, due in large part to its long history of excellent sales and services of solar energy systems throughout the New England area.
Financing terms reward solar energy installations
Purchasing a PV system is a strategic investment for both future cost reductions and future financial rewards. Federal and state incentives can substantially reduce the initial cost of purchasing the system. For the balance of the purchase price, because solar-generated electricity is so highly valued, many lenders offer exceptional terms and rates that are not available for other purchases.
Home Equity Loans: Like any other home equity loan, the lenders of these funds tie the value of the loan to the value of the home. A California study revealed that homes with solar energy systems sell for higher prices than homes without a system.
Property Assessed Clean Energy (PACE) Loans: Now available in 31 states, PACE loans are offered to finance projects related to energy efficiency and the adoption of renewable energy sources such as solar. For your PV system, the PACE loan will be associated with the panels, and your payments are tied to your property taxes. Repayment of the loan can be spread over 20 years, but you’ll start saving money on your electricity bill immediately. Best of all, the loan transfers if you sell your house so the new owner will simply assume its balance.
RGS Energy provides solar energy system installation in Rhode Island To find out if you can take advantage of Solarize RI, visit www.rgsenergy.com.