Did you know that the price of solar has fallen by 70% since 2010? Despite this fact, many people are still reluctant to purchase an entire solar system. This reluctance does make sense. Despite the savings, it offers of electricity bills a solar system does still represent a sizable investment.
However, depending on what state you live in there are typically multiple tax credit programs you can take advantage of. But, are there any Virginia solar tax credits? If you want to know the answer, then you’re in the right place.
In this article, we’ll briefly go over some of the solar tax credits you can find in Virginia. That way, you can save a lot of money on your system. Let’s get started!
Residential Property Tax Exemption
Virginia has a law that allows for localities to decide if solar will be either partially or eliminated from personal property taxes. Unfortunately, not all the localities are behind this. Currently, only thirty allow for this type of exemption. Luckily, Virginia Beach falls in this category.
If you live in this area, then you can find some great installers through this link here: blueravensolar.com/virginia/virginia-beach/. If your locality isn’t included in the exemption, they can try petitioning with your Board of Supervisor to change it.
Federal Solar Tax Credit
Not all the Virginia solar tax credits are confined to the state. Residents can also benefit from federal incentives that apply to the entire country. In some cases, this can reduce the cost of your system by 25% or more.
However, keep in mind that it only applies to individuals that purchase their solar system outright, either with a loan or a cash purchase. You also need a fairly large amount of income for the tax incentive to be worth it.
Virginia Net Metering
While it’s not technically a tax credit, net metering in Virginia can save you a lot of money on your solar system. This is an electricity program that’s offered by top energy providers like Dominion Energy.
With it, any excess electricity that your system makes will be sent back to the power grid. You are then compensated for your electricity with credits on your power bill. This is ideal for when you need to rely on traditional power during stormy weather or similar low-sun condition.
Enjoy Learning About Virginia Solar Tax Credits? Keep Reading
We hope this article helped you learn everything you need to know about Virginia solar tax credits. As you can see, the tax benefits depend a lot on the locality that you live in.
However, there are some benefits, like the federal solar tax credit, that every state resident can take advantage of. So, contact a dependable installer and start taking reaping the benefits of clean energy today.
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