Virginia currently ranks 11th in the nation for solar installations, with over 280,000 solar power homes to its credit.
That’s because Virginia locals have woken up to the many cost-saving benefits of solar power. They also recognize the importance of clean energy to maintain the beauty and integrity of their natural environment.
What’s more, when you live in Virginia, you can benefit from numerous solar incentives when you choose solar energy.
So, if you live in Virginia, this is what you might not know about the benefits of installing solar panels, yet.
The Federal solar incentive applies whether you buy your solar panels outright or via a solar loan. This entitles you to take 26% off your income tax owed for the year up until the end of 2022. With that being said, you can find a great tax calculator here that can help you determine just how this tax incentive will impact your overall income tax total. Beyond the end of 2022, the incentive decreases to 22%.
You won’t get to benefit from the tax incentive after 2024 unless the federal government decides to renew it.
The state of Virginia also offers several benefits for homeowners who install solar panels. Virginia solar incentives include:
Reduced Property Taxes
When you install solar, your home’s value increases, along with your property taxes. To prevent this incidence, over 30 local governments in Virginia offer reduced property taxes for homeowners with solar installations.
If yours isn’t one of them, you can petition to have them implement this saving.
Sales Tax Deductions
Virginia taxpayers can deduct 20% of the sales tax paid on energy-efficient equipment from their taxable income. This benefit includes solar panels as well as many other energy-efficient appliances.
Small Business and Non-Profit Loan Program
Ordinance H.B. 864 of 2014, helps make it easier for non-profits and small businesses to install solar. Through this, the Virginia Small Business Financing Authority must provide financing for solar projects undertaken by these entities.
Virginia state law dictates that no community association may prohibit homeowners from installing solar panels or using solar energy collection devices.
However, they may restrict the installation of these devices in common areas within their development.
Net Metering Benefits
When you opt for a grid-tied solar system in Virginia, you get to enjoy the perks of net metering. This means you can still use electricity supplied by the power company when needed.
You can also feed your excess solar energy back to your power company in return for credits on your power bill.
Solar Power is Affordable in Virginia
Due to the popularity of solar power installation in Virginia, there’s a lot of competition for your business. That means your research could yield excellent financing and savings on installation when you buy your solar panels.
You can check out https://blueravensolar.com/virginia/richmond/, for more information on the various incentives offered.
Go Solar, Soon
Are you all fired up to join Virginia’s thriving community of solar energy enthusiasts? You’d better hurry, none of these incentives will last forever.
Besides, the sooner you sign up for solar power, the sooner you’ll start saving.
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