Make the best decision about investing in solar power in Virginia
Virginia currently ranks 11th in solar generation with enough solar generation to power almost 300,000 homes. In March of 2020 Virginia passed the Clean Economy Act that aim to to make the state carbon neutral by 2050.
The average price for a home solar panel system in Virginia is $15,000 or about $2.89 per watt. Systems will vary depending on the types of solar panels you choose and the size of your system. When shopping for solar panels you should consider getting multiple quotes from various installers.
The average payback period for solar panels in Virginia is around 11.5 years years. Your payback period will depend on the cost of your system and the amount of power it generates. The more energy your system generates the faster it will pay for itself.
Everyone has their own method for determining if solar is “worth it”. If your objective is to leverage solar to eliminate or reduce your electric bill you have different expectations of someone who is more interested in reducing their carbon footprint.
To help you determine the best option for you you can use this solar calculator that will weigh different solar options and other renewable energy options.
Everyone has their own reasons for going solar, but these are the three most common.
Solar has roughly 20 times less carbon output than coal-powered energy sources. After three years of use,
solar systems are completely carbon neutral and remain so for the duration of their lifespan.
In short, if you want to reduce your carbon footprint going solar is a great option.
When you have your own solar system you are putting energy back into the grid. Your utility rewards you by
crediting back the value of the energy you put into the grid. For example, if your system generates 2,500
kWh in a month and you use 2,500 kWh in that month you would have a $0 electric bill.
In most cases, if your system generates more energy than you use the credits will roll over to the next month.
With the right solar system, you could potentially have a self-sufficient power system for your home. This
means you don’t have to rely on the grid for energy. If the grid has an outage you could still power your
home with your solar system.
Those who are trying to become energy independent often pair their solar system with a battery. This allows you to store electricity and use it when you need it.
In addition to the 30% Federal Solar Tax Credit, you may be eligible for solar incentives that could significantly reduce the cost of solar panel installation. Some incentives are statewide and others are more local. Your city, utility, or other local company could offer hundreds or thousands of dollars in incentives to install solar systems.
This table shows the available incentives in Virginia. But, just because you don't see it here doesn't mean it doesn't exist. Check with your local utility for other potential incentives.
Residential Property Tax Exemption: Virginia law allows localities to exempt or partially exempt solar from property taxes. Not all localities allow this exemption, but it can be a significant benefit where available.
Solar Renewable Energy Certificates (SRECs): With the Virginia Clean Economy Act, you can earn one SREC for each megawatt-hour (MWh) of clean electricity your panels produce. You can sell these SRECs to utilities and earn extra income.
Like every other state, new solar panel systems in Virginia are eligible to receive the federal solar tax credit of 26%. This credit is applied on your annual income tax credit.
There are many options when it comes time to purchase our solar panels. You can finance, lease, or pay the entire cost upfront. The right choice will depend on your financial situation and the costs of your system and other factors. Our solar calculator will help you weigh your options. You can find more information on leasing vs buying solar panels here.
