Virginia, often referred to as a lover of solar power, is becoming a hotspot for homeowners seeking to harness the power of the sun. From the sunny beaches of Virginia Beach to the picturesque city of Roanoke, the Commonwealth's residents are increasingly turning to solar power. This trend is not just about being eco-friendly; it's also about saving money. Homeowners are saving hundreds of dollars on their electricity bills, proving that sunshine in Virginia doesn't just mean beautiful days—it also means beautiful savings.
The financial benefits of solar power aren't just about lower electricity bills. There's more to the picture. Falling installation costs combined with strong solar rebates and incentives make going solar a smarter investment than ever in the Old Dominion. In other words, Virginia homeowners are not only helping the planet but also their pocketbooks.
Have you ever heard of the Virginia Clean Economy Act (VCEA)? If not, here's what you need to know: It's a law that encourages the production of solar energy. Under this law, Virginia is committed to producing at least 1% of its electricity from solar resources. And the best part? You can get paid to help! The state rewards solar panel owners with Solar Renewable Energy Certificates (SRECs), which can be sold to utilities, providing an additional income stream for generating clean, solar energy.
Let's not forget about the federal solar incentives. There's a significant one called the Investment Tax Credit (ITC), now referred to as the Residential Clean Energy Credit. This credit can reduce the cost of your PV solar energy system by a whopping 30 percent. However, it's important to note that the ITC only applies if you buy your PV system outright, either with a cash purchase or a solar loan.
One of the key benefits of installing a solar energy system is that it can increase your property value. This is excellent news for homeowners planning to sell their property. But what about the impact of a higher home value on your property taxes? Here is where the Residential Property Tax Exemption comes into play in Virginia. This law allows localities to either exempt or partially exempt solar from the property taxes residents pay.
The exemption can make a significant difference for homeowners. In simple terms, even though your property value may increase due to the installation of solar energy systems, this won't necessarily translate into higher property taxes. Therefore, you can enjoy the benefits of increased property value without the financial burden of increased property taxes.
It's important to note that not all localities in Virginia offer this exemption. Currently, only 30 do. If your locality doesn't provide this exemption, you might want to consider petitioning your Board of Supervisors to approve an ordinance to allow it.
Net metering is an essential part of the solar energy landscape in Virginia. When you enroll in a net metering program, you get credits on your electricity bill for every extra kilowatt-hour of solar electricity that you send back to the grid.
These credits can be used to offset your electricity usage when your solar panels aren't producing enough electricity. In essence, net metering helps you balance your electricity production and usage, and it can be particularly beneficial during those cloudy days or during the night when your solar panels aren't working at their peak.
Dominion Energy offers the top utility net metering program in Virginia. So, if you're a Dominion Energy customer, you have an added advantage when it comes to net metering.
Virginia's commitment to promoting solar energy is evident in its array of incentives and rebates, including the Residential Property Tax Exemption and Net Metering program. These programs not only make it financially attractive to switch to solar but also make it easier for homeowners to play their part in creating a greener, more sustainable future. If you're a homeowner in Virginia, going solar might just be one of the best decisions you can make—for your wallet and the planet.
The Residential Property Tax Exemption is a law that allows localities in Virginia to either exempt or partially exempt solar from the property taxes residents pay.
The Federal Solar Tax Credit, also known as the Investment Tax Credit (ITC), can reduce the cost of your PV solar energy system by 30 percent. It applies if you buy your PV system outright, either with a cash purchase or a solar loan.
SRECs are certificates that you earn for each megawatt-hour of clean electricity your panels produce. You can sell these SRECs to utilities and earn extra income for generating solar electricity.
Net metering is a system where you get credits on your electricity bill for every extra kilowatt-hour of solar electricity that you send back to the grid. These credits can be used to offset your electricity usage when your solar panels aren't producing enough electricity.
Installing a solar energy system can increase your property value as it can lower electricity costs for future homeowners, and it also demonstrates a commitment to renewable energy which is an increasingly desirable feature for home buyers.
Service Areas:
- Greater Lynchburg
- Greater Roanoke
- Greater Charlottesville
- Greater Harrisonburg
- Greater Culpeper
- Greater Wytheville
- Greater Richmond areas