Rhode Island is well on its way to achieving its goal of sourcing 100% of its electricity from renewable sources by 2033. Gridwealth, a US-based developer, owner, and operator of renewable energy assets, is playing a critical role in the state’s success. With over 150 solar projects developed in Rhode Island, including three new solar projects currently in development, Gridwealth is helping to create a more sustainable future for the state and its residents.
The three new solar projects will consist of nearly 4,000 solar panels and occupy nearly 180,000 square feet of open, unshaded, industrial rooftop space. Once completed, the three solar projects will total about 1.6 MW and provide discounted electricity to Rhode Island nonprofits. By reducing their operating budgets, these organizations can redirect their savings into their programs and services.
Furthermore, the three new solar projects will help the state achieve its ambitious renewable energy and carbon reduction goals. Rhode Island is promoting solar energy expansion by offering a range of incentives, including the Renewable Energy Fund. Gridwealth has been awarded $225,000 in grants from Rhode Island Commerce’s Renewable Energy Fund (REF) to build three Rhode Island solar projects.
Gridwealth’s 20 MW of rooftop-and parking-lot-sited systems preserve open space and represent over $1,000,000 per year in new rental revenue to more than 15 commercial and industrial property owners. These credits are then allocated to the utility accounts of non-profits, saving them money while also providing a new income stream to the old mill and factory buildings hosting the solar systems.
Using funds from the “system benefit charge” on electric bills and alternative compliance payments received from retail electricity providers, Rhode Island Commerce funds renewable energy projects in Small Scale solar, Commercial Scale, and Community Renewables. These funds are critical to the success of renewable energy projects in the state and help to stimulate job growth in the green technology and energy sectors.
Gridwealth offers a full range of energy services, including C&I scale solar and battery storage systems, community shared solar services, consulting, retail, and REC brokerage. Their projects generate long-term revenue for customer buildings while reducing greenhouse gas emissions (GHG).
The three new solar projects in Rhode Island are a testament to the state’s commitment to expanding the role of renewable energy and reducing its carbon footprint. They will benefit nonprofits, reduce operating costs, and stimulate job growth in the green technology and energy sectors. Rhode Island’s ambitious goal of sourcing 100% of its electricity from renewable sources by 2033 is well on its way to being achieved thanks to the hard work and dedication of companies like Gridwealth.
In conclusion, Gridwealth is playing a crucial role in helping Rhode Island achieve its goal of sourcing 100% of its electricity from renewable sources by 2033. With its expertise in renewable energy and its commitment to expanding the role of solar energy throughout Rhode Island, Gridwealth is helping to create a more sustainable future for the state and its residents. The three new solar projects are just the beginning of what promises to be a bright future for renewable energy in Rhode Island.