Bringing Solar Power to the Ocean State
Commercial property owners, businesses, and municipalities can all benefit from solar in big ways through reduced operating costs, federal tax rebates, energy independence and more. With multiple financing options available, including low- to no-cost solutions, almost any business can take advantage of solar energy.
Solar has become a smart economic choice in the state of Rhode Island as solar installation costs have fallen and solar incentive programs have become more robust in the past years. The state has a goal to reduce greenhouse gas emissions by 45% from 1990 levels by 2035, and 80% by 2050, and has bolstered their renewable energy policies to help meet this goal.
Rhode Island has instituted several incentive programs designed to make solar economically feasible for businesses and commercial property owners.
Renewable Energy Fund (REF)
The state-sponsored Renewable Energy Fund provides grants and loans to Rhode Island businesses looking to go solar. Interested array owners can apply to have their project financed through this fund. If approved for a REF grant, the owner can have some or all of the system cost financed, up to $350,000 per solicitation period.
In addition to these two initiatives, solar array owners in Rhode Island are also able to take advantage of on-site net metering, state sales tax exemptions on the system, the 30% federal Income Tax Credit, and accelerated bonus depreciation on their system. Solect can help you understand these programs in more depth, and assist you in determining which approach works best for your organization.