Virginia State Legislature is making huge strides to shift towards clean energy thanks to the Clean Economy Act. The Act fundamentally requires that, by 2050, all energy powering the state be from clean sources. In regard to solar power specifically, the Act has set a target to generate more than 2,000 megawatts of new power by 2030. While solar energy remains a fairly new concept, significant measures, in the form of rebates and incentives, have been taken to encourage its adoption at residential, commercial, and industrial levels in the State of Virginia. Organizations such as Lumina Solar are at the forefront of advocating solar energy. Let’s find out more about these rebates and incentives.
Net Metering in Virginia
If your solar panel system produces a surplus (more electricity than you are using), a net metering program allows you to send it back to the state’s grid. You are then rewarded through credits for every extra kilowatt-hour of solar electricity. This is reflected on your electricity bill. The total surplus produced every year can be carried forward indefinitely. In the event you require more electricity than your solar panel system is producing, you can use the accumulated credits.
Residential Property Tax Exemption
Installing a solar PV system on your home increases its value. If you are looking to sell, that is fantastic news. However, it may mean different in terms of property taxes in other states. Fortunately, in Virginia, the law exempts installed solar PV systems from having an impact on the amount of property taxes paid to some localities.
Federal Solar Investment Tax Credit
Through the Investment Tax Credit (ITC),also known as the federal solar tax credit, potential consumers of solar energy can save up to 26 percent of the total cost of the solar PV system.
Virginia Solar Rebates
There aren’t any dedicated state rebates on solar PV installation currently in Virginia. However, there are manufacturers such as LG that offer rebate programs. Lumina Solar can help you take advantage of the falling installation costs and incentive solar programs available to residents of Virginia. Contact us to find out how you can get started