2024 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 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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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" covers 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. Various kinds of incentives, like cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be offered by the state of Virginia, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to ignore the value added by your solar panels when paying taxes on your home. They may also include exemptions on sales tax at the time of purchase.
- Solar Renewable Energy Certificate (SREC): SRECs and similar other performance-based incentives might be available to you if your solar system produces over a specified (usually small) amount of electricity. These types of incentives are usually handled by the state government. You can sell your SRECs to your utility company or other buyers, and the money you receive in return is normally considered part of your taxable income.
- Rebates: Solar rebates may be provided by your state or county, or by your local utility company. These rebates work as cash back that is applied after you pay for a solar system and before tax credits are calculated.
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement with your Lansdowne utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a certain percentage of the money you spend installing solar panels.
The ITC was originally for 30% of the cost of solar panel installation, although it has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The cost of installation includes the panels themselves as well as the cost of equipment, labor and accessories. There is no maximum claim amount. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Your local Lansdowne solar panel installer can provide 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 new Clean Energy Credit is valid until 2035. Homeowners can now receive a 30% credit for solar systems installed between 2022 and 2032. This credit will then be decreased by a few percentage points every year until its expiration. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit might apply to you is to get in touch with your local Lansdowne solar panel installation expert.
State & Local Solar Incentives
Rebates, tax credits and more might be provided at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Incentives might be given by the state of Virginia, or by your county or municipality. Some incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Lansdowne
You can qualify for solar incentives from the federal government and the Virginia government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. Your local Lansdowne solar panel installation expert can provide you with more details about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Lansdowne, VA Solar Incentives FAQs
How can I find out if I qualify for solar incentives?
It's best to speak with your local Lansdowne solar installer for a better understanding of which incentives your project will qualify for. In most cases, 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 by the Virginia government, may have additional requirements.
How much can I save on my electric bill annually if I install solar panels on my Lansdowne home?
When you add solar panels to your house in Lansdowne, you can expect to save around $900.91 per year, or about $17,117.27 over 20 years.
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you can help lessen the strain on our planet's resources. A solar system can also reduce your home's CO2 emissions by 300 pounds annually, or around 6,000 pounds in 20 years.
Can I use a combination of multiple types of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you go over your ideas with your local Lansdowne solar installer. They can help you plan your project and give you an understanding of various incentives that you will or won't qualify for.
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.