It’s often been said (and we agree) that Virginia is for lovers... of solar power, that is. From Virginia Beach to Roanoke, homeowners in the Commonwealth are going solar and saving hundreds of dollars on their electricity bills. Thanks to falling installation costs and strong solar rebates and incentives, going solar is a smarter investment than ever in the Old Dominion.
What are the best solar power rebates and incentives in VA?
If you’re a solar shopper in Virginia, you have many solar rebates and incentives available to reduce your solar installation costs:
Dominion Power Solar Purchase Program
If you are a customer in Dominion Power’s service territory in Virginia, you can apply to sell your solar electricity through the Solar Purchase Program. With the Solar Purchase Program, you become a producer of electricity and sell every kilowatt-hour (kWh) your solar panels produce to the utility, which pays you $0.15/kWh. This program is an alternative to net metering, which means you can’t participate in both programs.
Tennessee Valley Authority green power providers
Become an electricity generator by participating in TVA’s Green Power Providers program. You can sell your electricity to TVA and receive a premium payment (above what you would pay for electricity) for the first five years that you participate in the Green Power Providers program, putting extra money in your pocket and shortening your solar panel payback period.
Net metering in Virginia
When you sign up for net metering, you get credits on your electricity bill for every extra kilowatt-hour of solar electricity that you send back to the grid. When you need more electricity than your solar panels are producing, you can use your net metering credits to make up the difference – helping you to balance out your electricity production and use.
The benefits of going solar in Virginia
Federal solar energy tax credit (ITC)
Without a doubt, the federal solar tax credit, also referred to as the Investment Tax Credit, is one of the best incentives available for property owners in Virginia. With the ITC, you can deduct 30 percent of the cost of your solar equipment from your taxes – that means major savings on your solar installation.
Residential property tax exemption
All of the benefits of solar mean that installing a solar energy system on your home can increase your property value. That’s great news for homeowners who want to sell their property, but what about the impact of higher home value on your property taxes? Virginia has a law stating that solar energy equipment is exempt from local property taxes, so the extra value your solar panels bring won’t mean extra taxes for you to pay.