Headquarters: 535 Pine Street, Central Falls, RI 02863
Call us: 401-274-0111

Is it Worth it to Invest in Solar Panels in Rhode Island?

June 1, 2023

Sharing is caring!

Are you considering solar panels in Rhode Island? If so, you’re ready to move forward with an excellent investment! Solar offers many benefits for both residential and commercial properties, some of which might surprise you.

With this in mind, check out some reasons why you might invest in solar panels for your home and business. This information will also help when it’s time to discuss your options for solar panel installation in Rhode Island.

is solar worth it in rhode island

Are Solar Panels Worth it in Rhode Island?

Some residents might wonder if their property is right for solar panels. After all, Rhode Island isn’t as sunny as Florida, California, and other states! However, there are many reasons to consider a solar investment for your home or business.

Power costs

Rhode Island electricity averages $2.84 per watt. This is much higher than the national average of $2.95 per watt! In turn, solar panel owners might save more money overall than property owners in neighboring states.

Increased property values

Did you know that a solar panel investment typically increases property values, usually by about 4% or more? In other words, your home might increase $4000 for every $100,000 of its current value.

Note that median home prices in Rhode Island are about $400,000. In turn, a typical property might see a $16,000 value increase after solar installation, on average.

Obviously, no one can guarantee that your property values will increase or by how much solar. Also, a real estate agent or appraiser can offer more information about current home values. However, consider that a solar investment can mean more money in your pocket if you decide to sell your home.

Financial incentives

Current financial incentives make solar panels more affordable than ever before! Check out some incentives you might enjoy with your solar installation:

  • The 2022 Inflation Reduction Act includes a 30% federal tax credit for solar panels. In turn, you can expect to claim 30% of your solar installation costs on your tax filing. This credit runs through 2033, at which time it’s reduced to 26% and then 22% in 2034.
  • The state’s Renewable Energy Products Sales and Use Tax Exemption waives sales tax on your solar panel purchase. This allows property owners to save hundreds if not thousands of dollars on their solar panel installation!
  • The Residential Solar Energy Property Tax Exemption waives taxes on any property value increase due to solar panel installation. This means that you won’t need to pay taxes on any added property values after a solar installation!

Environmental impact

Many people choose solar panels to reduce their “carbon footprint,” or pollution for which they’re responsible. However, you might wonder if using city-supplied power is so damaging to the environment?

According to the American Lung Association, electric power plants are the largest source of carbon dioxide in the country. Burning fossil fuels for electricity production also creates sulfur dioxide, carbon monoxide, and other dangerous pollutants. This process also means airborne ash and soot!

On the other hand, solar power means clean, pollutant-free energy. Solar panels don’t produce fumes, gases, emissions, soot, or anything else while operating. In fact, solar panels don’t even have moving parts! Property owners also don’t need to switch them on or perform any maintenance other than occasionally sweeping their front.

is solar worth it in rhode island

Is Rhode Island Good for Solar?

Rhode Island typically averages between 201 and 211 sunny days per year. This equals the national average of about 205 sunny days annually! Consequently, Rhode Island might not enjoy as much sun as other states, but it still offers an excellent climate for solar.

Also, note that solar panels still work in the wintertime if you brush snow off their surface. Panels collect sunlight no matter the surrounding temperatures. In turn, property owners shouldn’t assume that long winters somehow equal less solar power!

Downsides of Solar Panel Installation

A solar panel installation is a great investment, but it’s not for everyone! First, a solar installation cost might be out of the budget for some homeowners. Second, solar panels don’t typically provide all the power needed for a home. In turn, you’ll probably still pay at least a few dollars for city power every month.

Also, note that roofers usually need to remove a solar system to perform repairs. Consequently, contractors often recommend solar for roofs in good condition. If your structure’s roof needs fixing or replacing, consider scheduling this work before investing in solar.

United Better Homes is happy to help answer the question, is it worth it to invest in solar panels in Rhode Island? Hopefully, this information helped you decide on solar for your home! If so, call our Rhode Island solar installation contractors. We offer expert advice and top-notch installations. For your FREE quote, call today!


Leave a Reply

Your email address will not be published. Required fields are marked *

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram