If you’re a Rhode Island homeowner or business owner considering going solar in 2023, you’ll be happy to know that there are a number of incentives and tax credits available to help make the transition more affordable. Here’s a breakdown of the solar incentives and tax credits available in Rhode Island for 2023:
Rhode Island Renewable Energy Fund (RIREF): The RIREF offers financial incentives for the installation of renewable energy systems, including solar panel systems. The amount of the incentive is determined by the size of the system and the type of technology used.
Federal Investment Tax Credit (ITC): The ITC is a federal tax credit that allows homeowners and businesses to claim a credit of 26% of the cost of installing a solar energy system. This credit is set to expire in 2023, so now is a great time to take advantage of it.
Rhode Island Sales Tax Exemption: Rhode Island offers a sales tax exemption for the purchase of renewable energy equipment, including solar panel systems. This can help to lower the overall cost of going solar.
Property Tax Exemption: Rhode Island also offers a property tax exemption for solar panel systems. This means that the value of your solar panel system will not be included in the assessment of your property for tax purposes.
In conclusion, there are a number of solar incentives and tax credits available in Rhode Island for 2023 that can help to make going solar more affordable. These incentives can significantly reduce the upfront cost of installing a solar panel system and make the transition to renewable energy more feasible for homeowners and businesses.
To activate as much savings as possible and qualify your home for Solar Panel Installation in Rhode Island (with no up front cost to you) – fill out the form at www.RhodeIslandSolarPanels.com – a RI Solar Expert will show you how much you can save, bu switching to solar.