Energy consumption in Virginia is more than two and a half times greater than the state’s energy production. Although the contribution from solar to Virginia’s energy production is small, it had almost tripled between 2017 and 2019 and there is a great scope for homeowners, businesses, and government entities in the state to go solar all the way. As part of the mission to be sustainable, the federal, state, and local governments provide numerous incentives for residents, commercial organizations, and government departments to encourage them to adopt solar energy. If you are in Virginia and looking to go solar, these are the solar rebates and incentives available to reduce your solar installation costs:
You can sign up for net metering, and get credits on your electricity bill in lieu of the kilowatt-hours of solar electricity that you send back to the grid. You can use the net metering credits when you need more electricity than what your solar panels generate. In this way, you can balance out your electricity production and use.
Federal solar tax credit
You can earn federal solar incentives by going solar. Residents and businesses in Virginia can claim federal solar investment tax credit (ITC) on federal income taxes. They can claim up to 26% of the cost of a solar photovoltaic system for installations in 2020-2022. For installations done in 2023, they can claim up to 22% of the cost for systems installed in 2023. Do remember that the ITC applies only to those who buy their PV system either with a cash purchase or solar loan. GreenBrilliance can install turnkey solar solutions and offers a wide range of financing options that will allow you to take control of payments on your terms.
Residential property tax exemption
It has been seen that installing a solar energy system in your home can significantly increase your property value as the demand for a solar home is rising. There is potential to earn greater profits on the resale of the house, but does that also mean higher property taxes? Virginia has a law allowing localities to exempt or partially exempt solar from property taxes residents pay. So many localities have made this applicable to the homeowners.