Many people have long been reaping the benefits of solar power’s clean, affordable energy. It’s very common to hear the response “I wish I did this sooner” a few months after the system is up and producing power as most people realize government incentives decreasing along with global market constraints time is running out on maximizing your potential savings.
In 2020, the federal investment tax credit (ITC) for going solar was reduced from 30% to 26% as scheduled (scheduled 4% decrease year after year). In just one year, consumers lost 4% in potential savings by not taking action. Now these homeowners are exposed to the power companies NEW unfair rate increases. https://www.utilitydive.com/news/dominions-nearly-50-monthly-power-bill-hike-in-virginia-is-a-warning-for/577666/
With that, here are 3 BIG incentives to go solar in 2021:
1. 26% Federal Solar ITC extended for two more years! With the approval of the covid relief bill came the extension of the 26% tax credit in lieu of the scheduled 22% for 2021. For a few homeowners it may make sense to wait due to other financial circumstances or projects but the reality is, the benefits of going solar can be explained as simply as “locking in your current power rate and shielding yourself from future rate increases.”
2. Along with the extension of the 26% Federal Solar ITC, the covid relief bill also included the approval process to establish the SREC’s program in Virginia. More information will be available on this program in April but for right now we understand homeowners with solar will be paid 1 SREC per kW produced fromtheir system yearly from the government. This means, if* 1 SREC = $50, a homeowner with a 10kW solar system would get paid $500 a year from the government for supporting clean energy.
3. On top of federal incentives for going solar, and securing rate increases protection, homeowners can now take advantage of industry low 0.99% APR Financing with $0 down! We at Sunlight Solar Virginia have joined forces with Sunlight Financial to offer this amazing program for our customers. Give us a call 804-452-7699 to help you get started!
We’re always happy to help,
– Your Sunlight Solar Team