Virginia residents looking to install solar panels on their homes in 2023 have a number of incentives available to them to help offset the cost of the installation. These incentives, which are offered at both the state and federal levels, can help to make solar energy more affordable for homeowners and encourage the growth of clean energy in the state.
One of the most significant incentives for solar energy in Virginia is the state’s solar tax credit. This credit allows homeowners to deduct a portion of the cost of their solar installation from their state taxes, reducing the overall cost of the project. The credit is worth 30% of the cost of the installation. This credit can be carried forward for up to 20 years if the full amount is not used in the first year.
Another incentive available to Virginia residents is the Solar Renewable Energy Credit (SREC) program. Through this program, homeowners can sell the credits they earn for the solar energy they produce to utilities and other entities that are required to purchase a certain amount of renewable energy. This can provide an additional source of income for homeowners with solar panels, helping to offset the cost of the installation.
Virginia residents also have access to the net metering program, which allows homeowners to sell excess solar energy back to the grid at the retail rate. This can help to reduce the overall cost of the installation by offsetting the cost of energy purchased from the grid.
Overall, there are a number of incentives available to Virginia residents looking to install solar panels on their homes in 2023. These incentives, which include state and federal tax credits and the Solar Renewable Energy Credit program, can help to greatly reduce the cost of the installation and make solar energy more affordable for homeowners. For more information on these incentives and how to take advantage of them, call us today, so we can provide you with tailored advice and explain all your options.