Solar Options in Virginia
Feb 27, 2019 01:21PM
Virginia offers net metering, virtually allowing even trade to the utility for all energy produced from solar panels. Additionally, corporations can take advantage of advanced MACRS depreciation, and qualifying agricultural businesses can earn a USDA grant to pay up to 25 percent of the total cost of their solar installation (in addition to the 30 percent federal tax credit).
While Virginia may not have as rapid a return on investment as the two-to-three-year payback in some states, the cost has decreased significantly enough in the past few years to make solar a solid, bankable investment even without state incentives. The 30 percent federal tax credit, compounded annual energy savings and an increase in property values all provide a great return on investment in Virginia.
Most solar electric systems in Virginia can save more than three times the upfront costs of a solar system in energy savings over the life of the system. Since 2019 is the last year that the 30 percent federal tax credit is available (dropping to 26 percent in 2020 and 22 percent in 2021), there has never been a better time to go solar in Virginia.
For additional information, contact Integrated Power Sources of Virginia at 804-317-2015 or visit ipsofva.com.