Rhode Island might be the nation’s smallest state but has the biggest heart for renewable and sustainable energy. It is one of the first states to adapt to this initiative establishing the Renewable Energy Fund.
‘This program immensely helped RI residents in implementing solar power while enjoying financial incentives from the government.
These solar grants are associated with many benefits, including a reduction of utility costs. Learn more about these benefits and how you can benefit from them in this article.
What is the Rhode Island Renewable Energy Fund?
The Rhode Island Renewable Energy Fund (REF) provides opportunities for the emergence of renewable energy projects in Rhode Island. The Rhode Island Island Commerce Corporation and the Office of Energy Resources officiated the REF program, and thus, they guide and evaluate applicants of the program.
REF offers loans and grants to those eligible to promote more sustainable and clean production of electricity from diverse sources. On top of that, they also stimulate job growth in the green technology industry. Funds come from ‘system benefits charges’ found in utility bills and alternative compliance payments paid by retail electricity merchants.
How Much Can I Save Through the Rhode Island Renewable Energy Fund’s Solar Grants?
Residents and micro-business owners who enrolled in the small-scale solar program can reap many benefits. You don’t need to worry about additional costs since they cover 25% to 30% of your energy installation costs. Other upfront costs, including equipment, can also be offset by Federal Tax credit and energy audits. The Federal Tax credit covers 26% of the expenses from residential and commercial targets. On the other hand, the energy audit is vital to lower electric load. Ultimately, grants from this program can bring upon drastic reduction in your electric bills.
It is important to note that systems directly owned (DO) and those owned by third-parties have separate applications. It is because these two entities have different incentive levels. Solar PV systems installed by DOs can receive up to $7,000 grants at an incentive of $0.85/W.
Residents can avail grant payments, but they have to apply through eligible entities. These are organized groups approved by Commerce RI, such as solar contractors and neighborhood associations.
Do I Qualify for the Renewable Energy Fund Solar Grant?
Grants and loans are accessible for preliminary feasibility studies and direct residential, commercial, and municipal installations. Additionally, those who want to venture into the renewable energy industry can avail as well. If you are a resident or a small-scale business owner in Rhode Island, you can opt for their small-scale solar program. The only people who are not eligible are those participating in the RE Growth program offered by National Grid.
If you wish to apply, submit your applications between September 28, 2020, and October 30, 2020, to be entered. You can find the complete list of the requirements here, and you can send requirements via email:[email protected]
It is better to enroll in the program as early as possible before they reach maximum available funds. Lastly, all renewable energy projects are inspected by third-parties in compliance with their technical standards. It is imperative to consult with renewable energy professionals to ensure your installation follows the regulations. You need to wait for their approval before the release of the grant payment.