Installing a solar energy system is more affordable than you might think, due to federal and state incentives. The federal Investment Tax Credit (ITC) allows homeowners like you to deduct a percentage of your solar installation costs from your taxes. In Virginia, additional local incentives may further reduce upfront expenses, making your transition to solar even more accessible.
These financial benefits lower your initial investment, helping you enjoy long-term energy savings while increasing your home’s value. Solar isn’t just a smart energy choice—it’s a cost-effective one, too. We’ll run down what you need to know about saving on solar.
Take Advantage of Federal Incentives
With the ITC homeowners can deduct 30% of the total solar installation costs from their federal taxes for solar energy systems installed through 2032. This federal credit applies to the cost of the equipment and installation, so the ITC can greatly reduce your initial cost to install a custom solar energy system.
Take Advantage of State and Local Incentives in Virginia
Check out the Virginia Solar Energy System Tax Credit, available to homeowners who install solar systems in Virginia. The state offers a tax credit of 25% of the cost of a solar system, up to $1,000 for residential properties.
Some utility companies and local governments may offer additional incentives like rebates or low-interest loans, so do research to learn what’s available to you. The state also allows homeowners to sell excess solar power back to the grid, giving you credits on your utility bills. Virginia has strong solar energy goals, which opens the door to further incentives or programs.
Consider Your Long-Term Savings and Return On Investment
Right off the bat, you’ll enjoy reduced energy bills, as a solar energy system generates cost-free electricity from the sun. Studies show that solar systems typically pay for themselves in seven to ten years, depending on your system’s size and your home’s energy consumption, as well as local rates. Another way to look at it is that an average solar system in Virginia can save you between $10,000 to $30,000 over 20 years.
Your Home Value Will Increase With a Solar Energy System
Solar panels can increase your home’s market value and attract buyers who want energy-efficient features. Studies show that homes with solar systems sell for about 4% more than similar homes without them. Buyers like promise of lower energy costs and long-term savings, making your property stand out in the market. Additionally, many solar systems provide a solid return on investment, with homeowners recouping installation costs through energy savings and increased resale value.
Solar Is a Smart Choice for Virginia Homeowners
Solar energy presents Virginia homeowners like you with a powerful way to cut down on energy costs by harnessing the sun’s free, renewable energy. In addition to lowering monthly electricity bills, solar systems can increase home value by adding an energy-efficient feature that appeals to prospective buyers. Plus, solar energy helps homeowners reduce your carbon footprint, contributing to a cleaner environment while enjoying long-term financial benefits.
Contact MC3 Solar for Your Solar Energy Needs
Located in Alexandria, VA, MC3 Solar is dedicated to helping residents and area businesses harness the power of clean energy. We specialize in:
- Residential Solar Design, Development, and Installation: We provide tailored solar systems that meet your home’s unique energy requirements.
- Commercial Solar Solutions: Look no further than our experienced team for comprehensive design and installation services for businesses, condos, and apartment buildings.
- Solar Gardens for Rural Landowners and Farms: A sustainable solution that allows agricultural businesses to generate clean energy and additional income by utilizing underused land for solar panels, reducing energy costs while supporting eco-friendly practices.
Our all-in-one, turnkey solution makes the process seamless, handling everything from paperwork and permitting to installation. With top-quality solar panels and all necessary components, MC3 Solar is here to empower your home or business with sustainable energy. Contact us today for a free consultation.