Solar Energy in Virginia
Virginia has some room for improvement as far as solar incentives go; there is no solar carve out within their renewable portfolio standard and there are no mandatory tax exemptions. However, there is a net metering law in place which can provide savings on electric bills for homes with solar systems.
Combine mandatory net metering with the 26% federal tax credit and there is potential for great savings when you make the switch to solar in Virginia.
Virginia Solar Power Facts
$2.62 watt
Average cost: 5kW solar power system.
Average Payback time
On average it takes 8 Years 9 Months to pay back the system.
Average Lifetime Savings
On average, solar power can save you $52,755 over your lifetime.
6¢ kWh
This is the levelized cost of solar energy.
24¢ kWh
This is the levelized cost of energy without solar panels.
13,636 kWh
Annual power production of home solar panels.
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How much do solar panels cost in Virginia?
Before 26% solar tax credit
Before 26% solar tax credit
Ave 15 year term, 2.5% price escalator
What are the pros and cons of installing solar panels in Virginia?
The main advantage of installing solar panels in Virginia is the state’s net metering law, which requires retail sellers of electricity to provide solar customers credit for the excess generation their systems create. Also, homeowners can take advantage of the federal solar tax credit. These two incentives alone make solar an excellent investment for your home or business in Virginia.
The disadvantage of installing solar panels is that Virginia receives less sunshine than some other states. This means that a solar system will produce a little less here than it will in sunnier states like Arizona. Also, the state does not require a property tax exemption on solar energy equipment like many other states do. The lack of a solar carve out and Virginia’s renewable portfolio goals being voluntary puts less pressure on utilities to create incentives for expanding solar.