The latest report from the Solar Energy Industries Association shows that it costs 36% less to install solar in Virginia than it did five years ago.
Forecasters predict that worldwide material shortages may soon drive prices up again, though. So, it’s best to move fast if you’re interested in getting on board with solar in this state.
What’s more, there are a few more ways to save on your solar installation costs in Virginia. Keep reading to discover them all.
The Federal ITC
The federal Investment Tax Credit allows you to claim back 26% of the cost of your solar installation from your income tax during the year you install it.
This solar tax credit applies only to homeowners and business owners who buy their PV system outright, either with cash or a loan. It has no cap, but you must have enough income to make the credit meaningful.
Property Tax Savings
Installing solar power can increase the value of your home by around 20%. That means your property tax increases too.
In 30 localities of Virginia, homeowners are exempt from paying any increase in property taxes due to this. If you live in an area that doesn’t implement this solar incentive, you can petition your Board of Supervisors to make some changes.
Solar Rebates
The state of Virginia doesn’t offer any rebates on solar installations, but some manufacturers do. LG offers a solar rebate of $600 on their equipment.
There are also several organizations in Virginia, like PACE funding, that help homeowners secure affordable loans for installing sustainable energy systems.
Work with your solar installer to find attractive rebates while discussing your solar options. They can help you find the best deal for your needs.
PPAs for Solar in Virginia
Reduced energy consumption offers ongoing savings for Virginia homeowners who install solar. When you harvest some of the electricity you need from the sun, you’ll see a dramatic decrease in your electricity bills.
You don’t need to go off the grid to enjoy these savings, either. By signing a Power Purchase Agreement with your power company, you can save even when you use electricity from the grid.
A grid-tied system feeds any excess energy generated by your solar panels back into the grid.
The State of Virginia compels energy companies to reimburse homeowners for this energy. That means you’ll receive a credit at the end of every twelve-month billing cycle, or you can carry the savings over indefinitely.
In Virginia, this principle applies only to home solar energy systems below 20 kilowatts (kW) in size.
Information from one solar provider implies that you could get as much as 18 months of reduced costs thanks to various incentives, promotions, and discounts in Virginia.
The Big Picture
There’s one last benefit to installing solar in Virginia, and it’s the most important one. When you implement sustainable energy initiatives, you help reduce the number of fossil fuels burnt every day.
That means you’re making a small impact on reducing global carbon emissions and ensuring a safer future for us all.
Are you interested to discover additional savings tips? Bookmark our website and check back regularly for updates on how to save and earn more money.