2024 Solar Incentives Guide for Valley Falls, RI - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Valley Falls.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Valley Falls solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Valley Falls?

Property Tax Exemption for Renewable Energy Equipment

Incentive Type:
Property Tax Incentive
100% exemption from property taxes

Rhode Island C-PACE program

Incentive Type:
PACE Financing

Local Option - Property Tax Exemption for Renewable Energy Systems

Incentive Type:
Property Tax Incentive
Varies (local option)

Renewable Energy Products Sales and Use Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

Small Scale Solar Grants (Commerce RI)

Incentive Type:
Grant Program
Solar PV
Direct Ownership: $1.05/W
Third Party Ownership: $0.70/W
Solar Domestic Hot Water Heating
Direct Ownership: 25% of project contract price
Third Party Ownership: 10% of total contract price

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives mitigate the cost of installing a solar panel system on your home. These financial incentives are designed to encourage more homeowners to switch to renewable energy. Incentives might include things like discounts, cash back or monthly utility bill credits. Some incentives are offered federally, while others are offered by the state of Rhode Island or by your specific utility company, county or municipality. Some broad categories of solar incentives include:

  • Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when calculating property taxes on your house.
  • Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
  • Net Metering: You may be able to sign a net metering contract with your Valley Falls utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
  • Rebates: Rebates, or cash back after a purchase, are typically applied prior to any solar tax credits being calculated. These rebates might be given by your local utility company, by your county or by your state.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Federal Solar Incentives

When someone says "solar incentives," you probably think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.

The ITC initially applied to 30% of the total cost of solar panel installation, and has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum claim amount. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.

To best understand how the ITC may apply to you, reach out to your local Valley Falls solar panel installer and request more information.

The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit now runs until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The credit will then decrease annually until the date of expiration. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.

More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit applies to you, talk to your local Valley Falls solar installation expert.

State & Local Solar Incentives

Some solar incentives are often also provided at the state and local level. Like with federal incentives, these could include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives might come from your county or municipality, or from the Rhode Island government.

Next Steps for Installing Solar in Valley Falls

You can qualify for solar incentives from the federal government and the Rhode Island government, as well as from your local utility company. This increase in availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. We recommend talking to your local Valley Falls solar installation company for more information about these incentives and to ensure that you're getting the largest number possible for your solar system.

EcoWatch's Valley Falls, RI Solar Incentives FAQs

How can I learn if I qualify for solar incentives?

In most cases, solar incentives apply to:

  1. a new solar panel system
  2. installed on property you own
  3. within the U.S.
  4. within the date range specified by a particular incentive.

Specific incentives, including those given out by the Rhode Island government or by your county/municipality, could have additional qualifications. Talk to your local Valley Falls solar installer to learn more about what incentives your project may qualify for.

If I already have solar panels, can I still claim incentives?

You should plan to talk to someone from the company that installed your solar panels – or reach out to a local Valley Falls solar installer — to better understand which incentives you may qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

How much will a solar system save me on my electric bill in Valley Falls annually?

When you add solar panels to your home in Valley Falls, you can expect to save around $1,054.41 per year, or approximately $20,033.70 over 20 years.

What are the highest-rated solar panel installation companies near me?

To discover the best solar panel installers near you, take a look at our article on the top solar companies in Valley Falls.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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