Tax Benefits of Solar In Richmond

Going solar in the Richmond, Virginia, area is generally considered to be a beneficial move, both for the environment and for your own personal finances. The potential savings on your electric bills are substantial and the security of generating your own power means you can be potentially less reliant on the grid. However, there are some additional benefits you might be interested to know about.

Virginia recently committed to transitioning to clean energy through the Virginia Clean Economy Act. This act promises to create clean energy jobs and advance environmental justice in Virginia. As a result, citizens of Richmond are more incentivized than ever to add solar energy. To find out more about the potential tax benefits for going solar in Virginia, read the article below!

Federal Solar Investment Tax Credit

The federal government provides the most overarching tax credit for going solar. When you file for the “Investment Tax Credit”, you can be eligible for up to 26% of the cost of your solar panel system.⁵ At the end of 2022, the tax credit will fall to 22%, so it’s a good time to add solar before the percentage drops!

Virginia Solar Rebates

Virginia does not have a dedicated state solar rebate, but there are some manufacturers that offer their own solar rebates. You can look into your options depending on the solar panel solutions you intend to select. 

Net Metering

The Virginia net metering law applies to all home solar systems that are sized up to 25 kilowatts. In the event that your home doesn’t use the extra solar energy that your panels are creating, you have the option to sell that energy back to the grid. When you do, you’ll potentially receive a credit on your next energy bill.

The credit from that surplus energy can be carried over to the next month, or you can choose to sell it back to the utility at the end of a 12-month period.

Learn More About Solar Tax Benefits In Richmond

When you choose to go solar, it’s important that you understand the full scope of benefits that you are entitled to as a solar customer! And no one knows solar benefits more than the Pink Energy local Richmond team. With the help of our experts, you can see the maximum value out of your solar investment. Contact us today for more information.