Solar Panels in Virginia | 2022 Cost and Incentives | SaveOnEnergy®

Virginia Solar Panels: Pricing and Incentives

How much do solar panels cost in Virginia

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Solar power in Virginia

Virginia is one of the top-ranking states in the country for solar energy generation, thanks to the state’s continued investment in renewable energy. Solar installations have continued to increase significantly in recent years and are expected to grow even more over the next five years.

Now is a good time if you are considering installing solar panels on your Virginia home. The price of solar panels has decreased 11% over the past 5 years, making it a more affordable investment.

Virginia solar panel cost

The cost of solar panels in Virginia depends on many factors, including where you live, the size and configuration of your system, the components included, local labor and permitting costs, and more.

In general, solar panels cost between $3 and $5 per watt, and the average 5kW residential solar panel system costs between $15,000 and $25,000 before tax credits and rebates. Because of financial incentives and energy savings, you can generally break even on your solar panels within 6-9 years.

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Virginia solar incentives or rebates

The federal government and many state and local governments have put financial incentives in place to help you save. Here are a few ways for Virginia homeowners to save:

  • Federal tax credit: The federal government offers a solar tax credit to help reduce the cost of your solar panels. The credit is 26% through 2022, 22% in 2023, and will disappear in 2024 if Congress doesn’t renew it. This credit can save you thousands of dollars on your solar panel purchase.
  • Property tax exemption: Certain local governments in Virginia offer a property tax exemption for homeowners with solar panels on their homes. This means you won’t pay taxes on the increase in your home’s value due to your solar panels.
  • Net metering: Virginia’s net metering program allows homeowners to get credits on their electricity bills for the excess solar energy they produce and send back to the electricity grid. These credits can help homeowners reduce or eliminate energy costs when they don’t have solar energy to use.

Why choose Virginia solar power?

There are plenty of benefits to choosing solar power, including energy savings, the ability to establish energy independence, and a reduced carbon footprint.

Lower energy costs

Perhaps the most significant benefit to having solar panels is that they help you to save money on energy. The amount you can save depends on your energy usage and how much sunlight your solar panels can capture. If you produce enough excess energy, it can be sent back to the power grid. Your utility company may credit you for the energy your solar panels gave to the grid. 

Establish energy independence

When you reach energy independence, you won’t completely rely on the traditional energy grid to power your home. Energy demand generally rises during the summer and winter when temperatures are more extreme. When this happens, energy rates also increase. However, when you produce your own energy, you can worry less about price hikes. Additionally, when your neighbors lose power due to a storm or downed power line, your solar panels can continue to power your home if you have a solar battery to store your excess power.

Go green

Traditional electricity generation is harmful to the environment because of the carbon dioxide it emits that contributes to climate change. Luckily, solar is a renewable resource, and solar energy production doesn’t emit these harmful greenhouse gasses. As a result, having solar panels on your home can reduce your carbon footprint.

Want to learn more about solar energy

Here at SaveOnEnergy, we’re your guide to everything solar energy, from checking your availability and discussing your home’s needs to getting you customized options to go solar with ease. Want to talk with a human? Call our dedicated solar advisors to discuss your solar energy options. Give us a call at 866-420-6535.

Should I buy or lease my solar panels?

When you install solar panels on your home, you can choose to either buy or lease your panels. While both have key benefits, buying your solar panels is most cost-effective in the long run.

First, when you buy your own solar panels, you can take advantage of the federal tax credit and other financial incentives in place. Often, leasing doesn’t allow you to take advantage of them. Buying your own solar panels is also likely to provide the largest long-term energy savings. Not only that, but you may see your home’s resale value increase by an average of $15,000.

While leasing solar panels isn’t quite as cost-effective as buying, there are still plenty of benefits, and it helps to make solar panels more accessible. First, leasing solar panels is cheaper in the short term, as it doesn’t require the large upfront cost that buying solar panels does. Leasing is also ideal for people who rent their homes for whom buying doesn’t make sense. You can also enter into a solar PPA if leasing or buying aren’t for you.

Another option is a community solar project, which allows families to take advantage of the benefits of solar power without having to buy or lease panels or install them on their homes. When you participate in one of these programs, you buy into a shared program where all participants share the solar power the panels produce.

Virginia solar panel companies

There are a variety of solar panel companies in Virginia that can help you access the power of the sun. What’s more, many solar panel installers in Virginia offer a wide range of customized options that will work for different households’ needs. Whether you are ready to invest in solar energy in Virginia or just want to learn more about your options, SaveOnEnergy is here with resources and guides to help you make the right decision for your home.

The history of solar power in Virginia

Like many states, Virginia began enacting solar-friendly policies in the late 1970s with its residential property tax exemption, allowing local governments to enact exemptions for local homeowners. Other policies the state has enacted over the years include its net metering program, solar easement regulations, voluntary renewable energy portfolio goal, and more.

There’s no doubt the state’s investment in solar power has paid off. Today, the state ranks in the top ten for solar energy generation. Most new solar installations have been from utilities, but there has also been an increase in residential and commercial installations.

Solar energy currently accounts for about 3.25% of electricity in Virginia, which is enough to power more than 412,000 homes. Solar is also a major part of the state’s economy, as it has more than 180 solar companies that create thousands of jobs in the state. Solar prices have fallen roughly 11% over the past five years, which has further incentivized both consumers and solar companies, and the state is expected to be in the top five for growth over the next five years.

Important solar factors to consider

Having solar panels on your home comes with plenty of benefits, but there are a few things to consider before you make this investment:

  • According to the Department of Energy, solar panels are most effective on south-facing roofs with slopes between 15 and 40 degrees. They’re also best for newer roofs that are in good shape since they won’t need to be replaced in the near future.
  • Before investing in solar panels, consider the weather patterns in your area and if there’s anything else preventing the sunlight from hitting your home regularly.
  • Some homeowners associations may have restrictions on the use of solar panels. If you have a neighborhood organization, look into whether there’s a size limit on solar panel systems and whether you’ll need approval ahead of time.

Solar power FAQs

How much would solar cost in Virginia? Expand / Collapse Toggle

The cost of solar panels depends on factors such as their size, configuration, and components. The average cost of a residential solar panel system is between $15,000 and $25,000.

Is solar power a good investment in Virginia? Expand / Collapse Toggle

Solar power can be an excellent investment if your home receives a good amount of sunlight. Before you invest in solar panels, consider how much you spend on energy costs each month and how much sunlight reaches your home.

How much could I save by investing in solar? Expand / Collapse Toggle

Your potential savings depends largely on your monthly electricity costs. For example, if you spend $100 per month on electricity, then you have the potential to save up to $1,200 per year by using solar power. Keep in mind that you’ll save more the first year, thanks to the federal solar tax credit.

Where can I find a good solar panel installer in Virginia? Expand / Collapse Toggle

SaveOnEnergy can help you find the best solar panel installer in your area. To get started, just enter your information on the screen, and we’ll connect you to a solar installer in your area

How does solar power help the environment? Expand / Collapse Toggle

Unlike traditional electricity generation, solar energy generation doesn’t emit harmful greenhouse gasses like carbon dioxide into the air. As a result, investing in solar panels can help to reduce your home’s carbon footprint.