Sure, solar panel installation will set you back a bit, but the investment is worth it. You can reduce your monthly energy bills, contribution to fossil fuel use and emissions, and your carbon footprint.
And then there’s the solar rebate (or, in some cases and places, rebates) to consider. You can literally get paid to install solar on your roof!
If you’re a Virginia Beach homeowner, read on for all the details on a tax rebate for solar panels.
1. Virginia Net Metering
If you invest in solar panel installation, be sure to hook it into the local electricity grid. (In some places, this is a requirement, not a choice.) This is because, as an owner of solar in Virginia Beach, you get paid for the leftover power you send back into the grid.
The payment comes in the form of net metering credits. You can use these when your solar panels don’t provide enough electricity for your household needs—for example, during the winter months or when you run AC all the time over the hottest parts of the summer.
2. Property Tax Exemption
Some Virginia municipalities—around thirty to date—offer homeowners who install solar an exemption on their property taxes.
So even if your home value rises, which it may well do when you install solar, you won’t have to pay extra tax on it. While it’s not a local solar panel rebate, it’s almost as good!
3. Federal Solar Tax Credit
While Virginia may not have a lot of lucrative local tax credits, Virginia Beach residents still have access to the federal solar incentive, the Investment Tax Credit (ITC).
The ITC was enacted in 2006, and since then, the solar industry in America has grown by well over 10,000 percent. Incredible!
By applying for the ITC, you can see savings of up to 26 percent on your solar system. This credit runs independently of any Virginia Beach solar program, so you can qualify no matter who installs your system or what kind of system you install.
The catch? You have to buy your solar system in cash or with a solar loan and meet the minimum income requirements.
4. Energy Efficiency Rebates
Dominion Virginia Power offers rebates and rewards to customers who embrace energy efficiency in their homes.
Things you can do to access cash-backs include:
- Solar installation
- LED lighting
- Attic insulation
- Piper wrap insulation
- Low-volume Showerheads
There are also programs for both homeowners and small businesses and special incentives for low-income households.
A Solar Rebate for Every Virginia Beach Homeowner
If you’ve decided to invest in solar for your home, take the time to research all your solar rebate options.
The criteria, regulations, and what’s on offer federally, in your state, and even in your city or region change often. You don’t want to miss out on possible cash backs because you didn’t dig up the most up-to-date information on solar power rebates.
For more green living tips and tricks, head back to our blog and read our other articles.