Rhode Island offers multiple incentives in 2025 to help homeowners switch to solar, making installations more affordable and financially rewarding. 🌞 This guide covers the Renewable Energy Fund (REF) grant, the Federal Solar Tax Credit, and Renewable Energy Certificates (RECs), helping you maximize your solar savings. 💰
Renewable Energy Fund (REF) Grant 🌱
The REF grant, managed by the Rhode Island Commerce Corporation, provides financial support for residential solar installations to offset upfront costs. The grant is capped at $5,000, regardless of system size and pays for $690 per kW installed, up to 7.69kW.
Estimated Grant Amounts:
System Size | REF Grant Amount |
5 kW | $3,450 |
7 kW | $5,000 |
10 kW | $5,000 |
📅 Application Dates for 2025:
Round 1: March 24
Round 2: TBD, June
Round 3: TBD, September
📌 Applications are reviewed on a first-come, first-served basis, so apply early!
Federal Solar Tax Credit 🏡
Homeowners who install solar in 2025 are eligible for the 30% Federal Solar Tax Credit, which reduces the overall cost of a solar system by allowing you to deduct a percentage of the installation cost from your federal taxes.
Example Savings:
System Size | Estimated Cost | 30% Tax Credit Savings |
5 kW | $15,000 | $4,500 |
7 kW | $21,000 | $6,300 |
10 kW | $30,000 | $9,000 |
Renewable Energy Certificates (RECs) 💡
Rhode Island homeowners with solar panels can earn Renewable Energy Certificates (RECs), which are credits for generating clean energy. However, RECs in Rhode Island are based on wholesale electricity rates, which are currently around $0.03 per kWh.
Estimated Annual REC Earnings:
System Size | Annual Production (kWh) | REC Rate* | Estimated Annual Earnings |
5 kW | 6,000 | $0.03 | $180 |
7 kW | 8,400 | $0.03 | $252 |
10 kW | 12,000 | $0.03 | $360 |
📌 *REC rates fluctuate, so earnings may vary based on the market.
Maximize Your Savings with Solar 🌞
By taking advantage of Rhode Island’s REF grant, the Federal Solar Tax Credit, and RECs, you can significantly reduce your solar investment costs. Pairing these incentives with high-efficiency solar panels and battery storage can further increase savings and energy independence. 🚀
🔗 Want expert guidance? Talk to Neighborhood Solar to explore your best solar options and start saving today! 💬
Conclusion
Switching to solar in Rhode Island is more affordable than ever in 2025. With up to $5,000 from the REF grant, a 30% federal tax credit, and additional REC earnings, homeowners can lower their upfront costs and enjoy long-term savings. Don’t wait—apply for incentives early and maximize your solar investment! 🌍⚡
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