2023 Solar Incentives Guide for Lansdowne, VA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lansdowne.
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 Lansdowne?
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" broadly refers to financial incentives put in place by solar companies and the government to encourage the adoption and use renewable energy by making the installation and use of solar panels more affordable. Different types of incentives, like discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be provided via the Virginia government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Solar Renewable Energy Certificate (SREC): In general, solar systems that produce over a specific (usually small) amount of electricity qualify for SRECs or other performance-based incentives. SRECs and the like are typically provided at the state level. When you receive an SREC, you can sell it to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
- Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from your total price before any tax credits are calculated.
- Tax Exemptions: Tax exemptions can come in two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when paying property tax on your home.
- Net Metering: Make sure you talk to your Lansdowne utility company about signing a net metering contract. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the government. These are different from tax deductions.
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Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a predetermined percentage of the money you spend on solar panels for your home.
The ITC initially applied to 30% of the total cost of solar system installation, and has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total cost of installation includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum amount you can claim. The ITC applies to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
To know exactly how much money the ITC could save you, speak with your local Lansdowne solar panel installation expert.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit runs until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit; this amount will then decrease slightly each year until the end of the current program. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit might apply to you is to speak with your local Lansdowne solar panel installation expert directly.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Similar to federal incentives, these could include tax credits, rebates and more. Certain incentives are ongoing, while others are offered for only a limited time. Local solar incentives may come from your county or municipality, or from the Virginia government.
Next Steps for Installing Solar in Lansdowne
The expanding number of solar incentives available has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You may receive solar incentives from your local utility company, the federal government or the Virginia government. We recommend talking to your local Lansdowne solar installer for more information about these incentives and to ensure that you're getting all of the money you can for your solar panels.
EcoWatch's Lansdowne, VA Solar Incentives FAQs
How can I find out if I qualify for certain solar incentives?
It's a smart idea to get in touch with your local Lansdowne solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those provided at the level of the Virginia government, may have other requirements.
How much will solar panels save me annually on my electric bill in Lansdowne?
Typically, homeowners in Lansdowne who install solar panels save approximately $900.91 per year, or approximately $17,117.27 over 20 years after making the switch.
Who installs solar panels near me?
To learn about the top solar panel installers near you, take a look at our article on Lansdowne's top solar panel companies.
What are some of the environmental benefits of switching to solar energy?
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 your home's CO2 emissions by 300 pounds a year, or around 6,000 pounds over 20 years.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can apply for?
Under the new Inflation Reduction Act, there are a number of new financial incentives to encourage you to make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found 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.