Residential Solar Panels Virginia

Exempting the value that the solar power system adds to your home from being counted in property tax calculations.

Residential solar panels virginia.

Virginia offers net metering to residential solar pv systems up to 20 kw in capacity. However in virginia residential electricity is about 0 12 per kwh which is near the national average according to the u s. Energy information administration the price has been relatively steady since 2011 indicating that there hasn t been a huge shift in the supply or demand. Average electricity costs in virginia.

Regardless of the exact cost of installation there are many affordable financing options for solar panel systems. The tax code is not entirely devoid of love for solar power. Virginia passed legislation way back in 1977 authorizing municipalities to exempt residential solar power systems from taxation i e. As of sep 2020 the average cost of solar panels in virginia is 2 66 per watt making a typical 6000 watt 6 kw solar system 11 797 after claiming the 26 federal solar tax credit now available.

High utility costs generally drive up the use of solar power. This is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt. In virginia the average solar payback period is 12 52 years. Check your savings costs tax breaks incentives and rebates.

Return on investment for residential solar power in virginia. Net metering is a system in which solar panels or other renewable energy generators are connected to a public utility power grid and surplus power is transferred into the grid allowing customers to offset the cost of power drawn from the utility. A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings. Internal rate of return.