With tax season in full swing, all of us are diligently reviewing their financial landscapes,...
Solar incentives in Virginia help you more easily afford an installation of a solar system on your home or business. There are a variety of incentive structures to explore.
Going solar is a great decision for your wallet in the long term, and for our planet. However, the upfront cost can sometimes make it challenging to transition to renewable energy.
Fortunately, solar incentives can help make the process more affordable. Virginia has made a lot of headway towards incentivizing solar energy transitions, with different programs that help you fund solar in both the short and long term.
It is a fact that going solar increases the value of your property. However, with this value increase can come higher property taxes. Fortunately, the state of Virginia has a law in place allowing for localities to exempt you, fully or partially, from the residential property tax increase that comes from going solar. The catch is that currently, only 30 localities in Virginia have adopted this provision. However, petitioning your local Board of Supervisors may be a great way to get the ball rolling on helping your community lessen the tax burden of going solar.
SRECs and Net Metering are two market practices that help you use the energy generated by your panels to lessen the overall installation costs. Each works slightly differently, but they are equally valuable methods of helping alleviate solar expenses. The best part? Both work over time, meaning the more energy you generate, the more affordable going solar becomes.
The Federal Solar Investment Tax Credit is an incentive that lets you claim a tax credit for 30% of the installation cost of your solar system for residential and commercial projects. It’s an excellent addition to the suite of available solar incentives.
SRECs are Solar Renewable Energy Credits. Federal and state laws mandate that utility companies must generate a certain portion of their energy output through renewables. To achieve this, they must either generate the energy themselves or subsidize the energy elsewhere.
When you go solar, you are not disconnected from the energy grid, despite popular belief. Instead, you are still directly a part of it. During sunny seasons or depending on your home’s energy usage, it’s likely your panels may produce more energy than you can use in a day.
Utility companies in Virginia are required by law to meet a specific renewable energy target, which means that a set portion of their energy must be derived from renewable energy sources. They fulfill the portion they can’t meet themselves by purchasing SRECs from owners of solar panel systems.
To sell SRECS, an SREC broker is typically used. They act as someone who sells your SRECs on the marketplace. The broker will list your SRECs for sale and connect buyers within utility companies to the solar owners and ensure that the transactions are securely completed and remain in compliance with the state regulations.
As for the price of SRECs, they are determined by the supply and demand currently taking place in the SREC marketplace. Demand is determined by the requirements of renewable energy usage within Virginia, while supply is determined by the amount of renewable energy created and how many SRECs are issued. This causes the price of SRECs to change over time.
By generating income from SRECs, solar owners can use the income to offset the upfront cost of their installation thus, making solar panel costs in VA more affordable and available.
The U.S. federal government provides the federal solar tax credit, also known as the Investment Tax Credit (ITC), to further encourage people to switch to clean and renewable energy sources. With the ITC, taxpayers get the opportunity to deduct a percentage of their solar panel system cost from their federal income taxes. Meant for residential systems, the ITC has no maximum limit but must be installed within the tax year. For systems installed in 2020 and 2021, the tax credit was 26%. This was increased to 30% from 2022 to 2032. Following 2032, the rate will decrease gradually and is set to end in 2035, unless renewed by the federal government.
Lumina has been the preferred solar installer in the mid-Atlantic for various reasons. Throughout our installation process, we instill a high level of professionalism that creates a smooth and effective operation. We also can handle residential and commercial solar installations of a wide range of solar system sizes.
Even more so, our clients value the spectrum of solar-related services that Lumina Solar provides. Not only do we offer professional solar installations, but we also provide roofing services and expert maintenance.
At Lumina Solar, we continue our tradition of instilling quality workmanship with industry-leading products with an overarching devotion to ensuring customer satisfaction. This combination of values makes Lumina Solar the top pick for those seeking a clean and renewable energy alternative.
At Lumina Solar, we begin our process with a thorough consultation. In this phase, we have a detailed conversation to determine the amount of energy your home regularly uses. We use advanced technology, like digital AI satellite imagery, to check if solar power is a good fit for your property. By looking at your energy usage and unique requirements, we make sure that solar energy is the right choice for you. Our goal is to provide a personalized solar solution that matches your energy needs and helps you save money, making the switch to solar beneficial for your wallet and the planet.
Following the initial consultation, Lumina Solar proceeds to the second step in our process, which is the Property Evaluation. Our dedicated team of surveyors and engineers will visit your property to conduct a thorough assessment with a keen eye for detail. They’ll take precise measurements, evaluate your electrical system, inspect your roof and attic, and answer any remaining questions you may have. Your solar consultant will be available throughout the entire Property Evaluation process to offer support, ensuring a seamless and customer-centric experience.
When it comes to permitting in distinct regions and communities, acquiring the essential permissions for your solar system installation is a necessity. This may require collaboration with local authorities or adherence to Homeowners Associations (HOAs) guidelines. At Lumina Solar, we take charge of the complete application process on your behalf, ensuring that your switch to solar power is straightforward and trouble-free. We aim to streamline the licensing procedure, allowing you to concentrate on experiencing the advantages of your upcoming solar investment without having to worry about permits.
Our skilled experts handle the installation of your solar system with the utmost professionalism. Most installations are completed in just a few hours, but the time may vary depending on the system’s size and the access to your roof. At Lumina Solar, we prioritize the quality of the installation and maintaining a clean work area. After the installation, rest assured that we thoroughly clean and maintain the site, ensuring a smooth and satisfying experience for our valued customers.
After the installation is finished, we quickly organize a thorough inspection with the local utility company. It’s important to note that your solar system can only start working after it successfully passes this inspection and receives the official Permission to Operate (PTO). Our commitment to a strict inspection process ensures that your solar system is not only installed effectively but also meets the required standards, allowing it to begin producing clean, renewable energy.
Our team thoroughly assesses the spectrum of solar incentives in Virginia to help you maximize your cost savings. If there are any application requirements, we will provide expert guidance to simplify the process. Additionally, we furnish you with all the essential information and materials to make claiming Virginia’s solar incentives as straightforward as possible. This ensures a smoother path for your solar investment and guarantees that you receive all the Virginia solar incentives that you are entitled to.
In the final phase, we place a high priority on your continuous satisfaction and the performance of your solar system. Thanks to our easy-to-use app, you can easily access a comprehensive analysis of your solar system’s performance. Nevertheless, our dedication to enhancing your experience persists. Our dedicated team is readily available to address any questions or concerns you may have regarding your solar system and to assist you in maximizing your solar incentives in Virginia such as Virginia SRECs. This continuous support ensures that you have the information and assistance necessary to make the most of the benefits of your solar investment, all backed by our expertise and unwavering commitment to your solar experience.
Want to stay up-to-date on solar incentives in Virginia? Want to learn more about how solar energy can help make your life easier? Check out our resources section, which includes valuable information about the world of green energy, and our solar installation process.
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Virginia is helping pave the way toward a sustainable energy future by prioritizing the increasing usage of renewable energy. As the push for clean energy sources increases, staying ahead of the curve in Virginia is a major advantage. By using the available VA solar incentives and further adopting sustainable energy solutions, Virginians can benefit greatly from the state’s green initiatives. When you generate your own clean energy, you not only gain energy independence, but you also become one of the many that are taking responsibility and creating the environment for a more sustainable energy landscape.
Not only does solar energy reduce your energy costs, but it is also a major step in the direction of lowering your carbon footprint. Here are just a few ways that a solar panel system can help reduce your environmental footprint:
Sign up for the Lumina Solar Newsletter today for information about promos, green technology innovations, new products, and how to make the most of going solar.
Solar incentives in Virginia can help you afford to go solar. But you’ll still need an excellent solar installer to handle the project. Lumina is here to show you the simplicity of saving money and saving the planet through solar energy.
Solar incentives in Virginia can help you afford to go solar. But you’ll still need an excellent solar installer to handle the project. Lumina is here to show you the simplicity of saving money and saving the planet through solar energy.
