2023 Solar Incentives Guide for Greenbriar, VA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greenbriar.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Greenbriar?
Income Tax Deduction for Energy-Efficient Products
Local Option- Renewable Energy Machinery and Tools Property Tax Exemption
Local Option - Residential Property Tax Exemption for Solar
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" includes a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be handled by the state of Virginia, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Tax Exemptions: Tax exemptions can come in two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the added value of your solar system when paying property tax on your home.
- Rebates: Solar rebates might be offered by your county or state, or by your local utility company. These rebates work as partial refunds that are applied after you pay for a solar system and before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)
- Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are usually handled at the state level. Once your solar system meets a predetermined threshold (usually a small amount of energy production), you can receive SRECs that can then be sold to your utility company or other buyers. The money you make from the sale is usually considered part of your taxable income.
- Net Metering: You may be able to sign a net metering contract with your Greenbriar utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
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Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006 on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost — for panels, equipment, accessories and labor — although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Your local Greenbriar solar panel installation expert can offer more information about the ITC and how it may apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. After this, the credit percentage will see a slight decrease annually until the end of the program in 2035. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Greenbriar solar panel installation experts can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Rebates, tax credits and more might be available at a more local level. Certain incentives are ongoing, while others are offered for only a limited time. Your local incentives might come from your county or municipality, or from the Virginia government.
Next Steps for Installing Solar in Greenbriar
There are a number of different solar incentives: those given by the federal government, those given by the Virginia government and those given by local utility companies, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. Reaching out to your local Greenbriar solar panel installation expert is an excellent first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Greenbriar, VA Solar Incentives FAQs
How much can I save on my electric bill annually if I install solar panels on my Greenbriar home?
When you add solar panels to your home in Greenbriar, you can expect to save approximately $909.84 per year, or approximately $17,286.96 over 20 years.
What are the highest-rated solar panel installation companies near me?
To find the top solar panel installation companies near you, read our article on Greenbriar's top solar panel companies.
What are some environmental benefits of adding solar panels to my home?
Solar energy is a renewable energy source — by changing where you get your energy, you help lessen the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 300 pounds annually, or around 6,000 pounds in 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can claim?
The recently passed Inflation Reduction Act introduces several incentives meant to reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.