Solar panels have been making waves here in Virginia in recent years and it’s not surprising when you see solar panels installed in your neighbor’s homes.
Aside from solar panels being the more eco-friendly option compared to fossil-fueled electricity, you can take advantage of various savings and incentives when you turn solar!
Here are some solar savings facts that you need to know:
1. No down payment
Because we highly encourage the use of solar panels, both for residential and commercial properties, we are offering our customers a zero-down payment plan!
We want to make your transition to solar affordable and stress-free with loan terms that are convenient and fit to your needs.
2. Federal tax incentive
Since the government recognizes the important role that solar panels play in helping people make the switch to clean energy, the Investment Tax Credit (ITC) was created wherein residential and commercial owners can enjoy a one-time 30% tax credit when they have solar panels installed from 2022 until 2033.
So if you’re already worrying about how you’ll be able to afford all the costs of the installation, that’ll help in making the decision easier.
Expenses that are covered by the tax credit are:
- Solar panels
- Installation costs, permits
- Home batteries charged by your solar equipment
- And more!
3. SRECs
Did you know that you can make money out of the energy that your solar panels produce?
Yes, you can! With the Virginia Clean Economy Act (VCEA), you’re empowered as a solar panel user to sell SRECs (Solar Renewable Energy Certificates) to utility companies such as Dominion Energy. So for every 1,000 kWh that your solar panel generates, you have 1 SREC.
Similar to the stock market, the price of SRECs fluctuates due to demand and supply, and to sell your SRECs to utility companies, you’d need the help of a broker
4. Net metering
Here’s another payback for having solar panels installed in your home!
Net metering is when the excess energy that your solar panels produce flows to the grid and you’ll be credited for it.
So for every monthly bill that you receive from your utility company, you’ll see how much you’re able to produce and how much your solar energy contribution lessens your electricity dues.
For utility companies such as Dominion Energy, they’ll install a meter that will measure the two-way flow of electricity: those that go from your house to the grid and those that come from the grid that supplies to your home.
Key Takeaway
In some aspects, you may not fully realize your savings immediately because, in essence, you’re replacing the cost of your power from your power company with the cost of solar.
But the savings that you can get by going solar are endless and for the long term! Who knows what other incentives or rebates there will be in the future?
What matters today is that you’re able to set up a system that helps your home be more energy-efficient and gives you the knowledge that your solar investment is hard at work.
To see if your home qualifies, send your most recent power bill to Service@sunlightsolarvirginia.com along with your best contact number and availability so we can build a proposal and contact you with eligibility status.