Virginia Incentives
The geographic location of Virginia makes it a prime candidate for solar power generation. Two thirds of the state receive an average of 5 kWh per square meter of sunlight daily, with only slightly less elsewhere. Virginia has set a goal of reaching a point where 15 percent of its total electric generation be derived from renewable energy sources by 2025. This voluntary goal is being reached by encouraging providers of electricity to offer consumer incentives and also through various net metering programs.
Virginia Net Metering
Residents, under the State of Virginia net metering rule, receive credit at the retail rate for any excess electricity produced in a month. This program is offered on a first come, first served basis until one percent of the total capacity by each utility provider is covered by solar generated electricity. The maximum amount of the credit cannot exceed the amount of electricity purchased by the customer over the previous year. Excess above that amount is automatically granted to the utility provider. Residents with photovoltaic systems generating solar power Virginia up to 10 kWh are eligible to apply.
Tennessee Valley Authority Generation Partners
The Tennessee Valley Authority (TVA) offers customers, who install photovoltaic systems between 500 watts but under 1 megawatt, an incentive based on production performance. Contracts are for 10 years and will continue being offered until total generation through the Generation Partners program reaches 200 megawatts. The TVA has ownership of any renewable energy credits (REC’s) that are generated.
Property owners that participate in the Generation Partners program receive a $1,000 bonus to aid in offsetting installation costs and are paid a 12 cent premium above the retail kWh cost for the electricity generated. In other words, if the normal rate for electrical energy is 11 cents per kilowatt hour, TVA will pay 23 cents per kWh for any power generated by every solar panel installation Virginia. They will pay for 100 percent of all customer generated power from solar systems. Residents who receive their power through other local entities are encouraged to inquire about the many other incentive programs that are available. You can learn about financing options as well on our site.
Virginia PACE Financing
Virginia has a program in place that allows property owners to obtain a loan to finance solar energy installations and other renewable energy upgrades. Local governments are permitted to offer PACE programs though adopted ordinances and they are required to determine the method of repayment such as tax liens, extra charges on water bills or other means. Tax increases for solar improvements are not permitted as renewable energy improvements are exempt from property tax increases under a new state law beginning January 1st, 2015.
The Federal Energy Policy Act for Virginians
As for all Americans who install solar panels VA on their property, residents of Virginia may take advantage of a tax deduction of 30% of the total cost of the installation. This is accomplished by filing form 5695 under the Federal Energy Policy Act along with the standard form 1040. This tax break is available regardless of any state or local incentives being utilized.
123SolarPower is Ready to Help
Installing a photovoltaic electric generation system has many advantages for you, the property owner and the environment. When you possess solar panels for home Virginia, you are saving money on your utility bills and in many cases earning money over and above your usage. You are also producing clean energy that has no toxic byproducts. At 123SolarPower we are here to help you create the perfect system for your home, based on square footage of available space and demand.
Instead of price hunting online for hours, use our website to find the best prices whether you are looking for solar panels Norfolk, solar panels Halifax or solar panels Richmond VA.
We are also in step with Virginia’s constantly changing incentive programs and have advisors on staff to explain exactly how a photovoltaic generation system can help you. Owning solar panels Virginia is the best way to save money and the environment. Reaching a solar professional is easy. Just fill out the simple contact form on this website to receive a customized solar quote and report or call 800-294-2397. We have the solar power system that is right for you. See how much you can save with our solar power savings calculator.
