Rhode Island Renewable Energy Growth (REG) program is one of the most revolutionary solar incentives ever conceived in the country. It differs from other solar incentives available in the Ocean State in several key ways and it is these differences that make the REG program arguably the most lucrative and successful solar incentive program in the state.
Here are some of the key facts about the REG program that every RI resident and business should know:
- Virtually Unlimited Profits
The standard net metering incentives allow property owners to feed their excess power production to the grid. In other words your solar system should feed any excess to the grid but only at the utility rate
In the case of REG, you are not limited by the utility price but rather a higher rate of 28.75 cents You can install as big of a solar project as your roof can support and feed in every kWh of electricity you generate into the grid.
- Sell 100% of Your Solar Energy
The REG program is designed to kickstart a solar drive in the state, and it relies heavily on commercial participation to achieve its targets. To incentivize such projects, REG offers to purchase 100% of all the electricity generated by solar systems. In fact, it mandates that the solar system owners feed all the generated power directly to the grid.
- It Must Be a Standalone Project
The program requires that each solar project be a standalone system with its own electricity meter. As previously mentioned, it must feed all its generated power to the grid without siphoning it off for other purposes or customers.
- 15-Year Contract
RI has a self-imposed target of transforming its energy makeup to 100% renewable energy by 2030. And, an overwhelming share of this renewable energy makeup is going to be solar. To get participation from both residential and commercial customers for this ambitious program, REG is offering a 15-year contract for incentives on solar installation. This gives customers complete peace of mind that their project will continue to deliver passive income for two decades.
- You Get Disqualified for RECs
When you sign up for the REG program, you automatically disqualify for the Rhode Island Grant. However, that’s not a bad deal, considering that the REG program is hands down the most lucrative incentive available to solar installers in RI.
Now, saving the planet also generates passive income for you for 20 years.