Residential Solar Panels Virginia

So let s have a play with the numbers to see what sort of return you ll get.

Residential solar panels virginia.

Return on investment for residential solar power in virginia. Exempting the value that the solar power system adds to your home from being counted in property tax calculations. 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. In virginia the average solar payback period is 12 52 years.

Check your savings costs tax breaks incentives and rebates. 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. Virginia offers net metering to residential solar pv systems up to 20 kw in capacity. Virginia passed legislation way back in 1977 authorizing municipalities to exempt residential solar power systems from taxation i e.

High utility costs generally drive up the use of solar power. Internal rate of return. 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.

However in virginia residential electricity is about 0 12 per kwh which is near the national average according to the u s. Solar panel cost data virginia 2020 updated. 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. Average electricity costs in virginia.