When thinking about the size of your solar panel system, keep in mind that the state of Virginia does offer net metering to those who have solar PV systems up to 20kW in capacity. What is net metering? It’s a system that credits panel owners for the electricity that they add to the grid. This is excellent news for those who may not use all the electricity their panels produce during daylight hours.
Interconnection standards are the rules that dictate how renewable energy sources can be connected to the electricity grid. Virginia has strong standards, which makes it easier for companies to offer net metering. Clear, transparent guidelines help panel owners get connected with ease, which also means they can start earning credits for unused electricity right away!
Tennessee Valley Authority Rebate
While Virginia itself does not offer state solar rebates, the Tennessee Valley Authority has an offer for residents to put to use! Eligible homeowners may qualify for a payment of up to $1,000 after their system has been installed.
Solar Power Performance-Based Incentives (PBI)
Virginia does offer Solar Power Performance Payments based on the metered power system that you use. These incentives are in the form of Solar Renewable Energy Credits, which are determined by the number of kilowatt-hours that your solar system generates. Virginia ranks 15th in the nation when it comes to these production incentives, helping make it cost effective to make the switch to a renewable source of energy.
Property Tax Exemptions For Virginia Residents
The state does offer property tax exemptions for those who have installed solar systems. This benefit allows homeowners to exclude the added value that a solar panel system provides from the valuation of their property for taxation purposes. Since a solar system has the potential to drastically increase the value of your home, this exemption is a big win for consumers!
Federal Tax Credit
Thanks to the solar Investment Tax Credit, owners of a solar panel system are able to deduct 26% of the system’s cost from their Federal taxes. Keep in mind that this Federal tax credit is only for those who own, not lease, their system, so be sure to factor that into your panel decision-making process. This percentage is set to decrease over the years, so don’t delay when it comes to comparing solar panel quotes!