Interfaith Solar Initiative
RI IPL has partnered with SmartPower to offer a state-wide program that provides RI
IPL members, their families, friends and communities with easy and affordable solar
options. The Interfaith Solar Initiative has set a goal of 60 new solar installations by
the end of June, 2017. Here’s how you can learn more and help us reach our goal:
Solar Steps:
1. Fill out your contact information today or on line: www.solarizeatwork.org/interfaithsolar
2. You will receive a call from Dividend Solar to evaluate your home for solar, determine your system
size and to review financing options
3. You will be connected to a RI installer to schedule an in-home solar assessment
4. You will receive a customized solar proposal
RI Solar Credits and Incentives:
Renewable Energy Fund – Grant:
REF provides grants and loans for renewable energy projects with the potential to make electricity in a cleaner, more
sustainable manner, while stimulating job growth in Rhode Island’s economy. Using funds from the “system benefit
charge” on electric bills and Alternative Compliance Payments, the Commerce Corporation funds renewable energy
projects in small-scale solar, commercial development, pre-development feasibility studies, and early stage
commercialization. Commerce RI awards grants to RI homeowners based on several criteria, including system size and
site suitability. The current Round of funding is set at $1.10/watt capped at $10,000 per project. Applications for grants
will be accepted as long as funds are available.
http://commerceri.com/finance-business/renewable-energy-fund/
Renewable Energy Growth Program:
The RE Growth Program was formed pursuant to Chapter 26.6 of Title 39 of the Rhode Island General Laws under the
recently enacted Clean Energy Jobs Program Act. Available to eligible renewable energy projects, the RE Growth
Program enables customers to sell their electricity output for a fixed price per kilowatt hour for a term of 15 or 20 years.
Current prices are: 15 Year: $ .376/kW hour and 20 Year: $ .334/kW hour. Rate will be reduced after 4/1/17 to
$ .34/kW hour.
https://www9.nationalgridus.com/narragansett/business/energyeff/4_dist_gen.asp
30% Federal Income Tax Credit:
The solar Investment Tax Credit (ITC) is a 30% tax credit for solar(PV) systems on residential and commercial
properties. A tax credit is a dollar for dollar reduction in the income taxes that a person or company claiming
the credits would otherwise pay the federal government. The Solar Investment Tax Credit was recently
extended until 2023.
www.seia.org or Programs.dsireusa.org
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Solar Loans:
Empower Loan: A $0-down, solar loan that includes performance and maintenance guarantees. Low, fixed
interest rate, system performance monitoring, and no pre-pay fees.
www.dividendsolar.com/rhodeisland
Other Bank Loans: Home Equity Lines of credit (HELOC), secured and unsecured loans are available from
numerous banks and credit unions across the state. Loan interest rates vary.
Economics of Solar:
Purchase
Loan
Lease/PPA
1. Upfront investment
1. No or low upfront cost
1. No upfront cost
2. No monthly payments
2. Monthly payments
2. Monthly payments
3. Tax Credit, Grant or REG
payments go to homeowner
3. Tax Credits, Grant or REG payments
go to homeowner
3. Tax Credits & REG payments go to
3rd party lessor
4. Highest savings and earnings
4. Let solar pay for itself
4. Good savings
5. Return on investment: 6-8 yrs
5. Substantial savings and earning:
ROI: 6=9 yrs.
5. Savings over 20 years:
30-40% of electric costs
Typical Solar Array – 6.0 kW
*Pricing from individual solar installers will vary
System size: 6.0kW, Approx. 22 panels
System Cost:
REF Grant:
Net Cost after grant:
Federal Tax Credit:
Net Cost after ITC:
Total Savings Year 1:
ROI:
Savings over 25 years:
$24,600
($6,600)
$18,000
$ 5,400
$12,600
$ 1,400
8 yrs
>$35,000
Contact information:
Karen Stewart
401-215-3285
[email protected]
Malinda Howard
401-261-8538
[email protected]
Kristen Ivy Moses
401-324-9142
[email protected]
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