Harness the Power of the Sun with Virginia’s Solar Incentives and Rebates
As the demand for renewable energy soars, Virginia homeowners are in an enviable position to reap the benefits of solar power systems. With its abundant sunshine – ranking as the 24th sunniest state and receiving an average of 75% possible sunshine annually – the Old Dominion is an ideal place to invest in solar panels.
The Virginia Clean Economy Act is paving the way for a sustainable future, mandating that 100% of the state’s electricity comes from clean sources like solar and wind by 2050. This groundbreaking legislation aims for an ambitious 2,000 megawatts of solar capacity by 2030, propelling Virginia toward innovative energy solutions.
Unlocking Virginia’s Solar Incentives, Rebates, and Benefits
Net Metering: A Homeowner’s Advantage
Excellent news for homeowners who only consume a portion of their solar panels’ electricity, especially during daylight hours. Virginia’s net metering program credits solar panel owners for the excess electricity they produce and feed into the grid, offsetting the cost of power they draw from the utility company. This incentive applies to solar PV systems up to 20kW in capacity.
Seamless Grid Integration
Virginia’s strong interconnection standards facilitate the integration of renewable energy sources into the electricity grid. Clear, transparent guidelines enable panel owners to connect their systems easily, allowing them to earn credits for unused electricity immediately.
Tennessee Valley Authority Rebate
While Virginia doesn’t offer state-level solar rebates, the Tennessee Valley Authority, one of the largest utility companies, provides incentives for property owners who utilize renewable energy systems. Eligible homeowners may qualify for a rebate of up to $1,000 after their system is installed.
Performance-Based Incentives (PBI)
Virginia’s Solar Power Performance Payments reward homeowners based on their system’s electricity generation. These incentives, known as Solar Renewable Energy Credits (SRECs), are determined by the kilowatt-hours your solar system produces. Virginia ranks 15th in the nation for these production incentives, making the switch to renewable energy more cost-effective.
Property Tax Exemptions
Starting in 2023, solar panel systems in Virginia are exempt from local and state taxes. This incentive allows homeowners to exclude the added value of their solar panel system from the property’s valuation for taxation purposes. Since solar systems can significantly increase a home’s value, this exemption is a significant win for consumers.
Solar Renewable Energy Certificates (SRECs)
Virginia’s Renewable Portfolio Standard (RPS) and solar carve-out enable property owners to generate income annually by selling SRECs to utility companies. These credits represent the renewable energy generated by your solar system.
Don’t Forget the Federal Tax Credit!
Thanks to the Solar Investment Tax Credit, solar panel system owners can deduct 26% of the cost from their federal taxes. However, this credit is only available to those who own, not lease, their system. Act quickly, as the percentage is set to decrease to 22% in 2023 and expire in 2024. Compare solar panel quotes today to take advantage of this incentive.
Embrace a Sustainable Future with Virginia’s Solar Incentives
The Old Dominion state offers numerous compelling reasons to install solar panels. By investing in a solar energy system, you’ll not only benefit from Virginia’s generous incentives, exemptions, and rebates but also reduce your reliance on coal and decrease carbon dioxide emissions, contributing to a cleaner, greener future.
