Are solar panels worth it in Virginia?
Solar panels will usually save you a lot of money over time. The catch is that you need to have a roof that will last as long as your panels, and it might not be worth it for you if you are planning to move to a new house in the near future.
If you have a roof in good condition and you do not plan on moving soon, there are three big solar incentives in Virginia that make going solar particularly appealing.
Find out if solar is right for your household
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Virginia has some of the strongest solar incentives
1:1 Net Metering (Under 25 kWh)
Most states have done away with 1:1 net metering, but Virginia still has it for the time being. This is the best of all solar incentives, but it is also the hardest to explain. Getting solar panels while 1:1 net metering is active ensures you are grandfathered in and benefit from this incentive even after it is removed for everyone else. Net metering allows you to forgo expensive batteries to store your excess energy by having the power company act as a battery and store your excess energy for you until you need it back. They give you credit for energy equal to the excess energy you provide them. Call me for a more thorough explanation: (804) 551-9626
Investment Tax Credit (ITC)
The Investment Tax Credit is a federal incentive that allows you to deduct 30% of the cost of your solar system from your federal taxes.
Virginia Solar Renewable Energy Credits (SRECs)
For every 1,000 kilowatt hours of solar power produced, a “SREC” is created. SRECs usually sell for $30-$75 a credit and an average solar system makes 15 SRECs per year. Most folks can expect $400-$500 a year from SRECs. Multiplying the size of your system by 1.2 to get a good idea of how many SRECs your system would produce.
For a quick chat about solar incentives, call us:
(804) 551-9626