2024 Solar Incentives Guide for Wyndham, VA - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Wyndham.

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.
Get a free quote from one of our trusted Wyndham solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Wyndham?

Income Tax Deduction for Energy-Efficient Products

Incentive Type:
Personal Tax Deduction
20% of the sales tax paid by an individual

Local Option- Renewable Energy Machinery and Tools Property Tax Exemption

Incentive Type:
Property Tax Incentive
Depends on the local governing body

Local Option - Residential Property Tax Exemption for Solar

Incentive Type:
Property Tax Incentive
Varies (local option)

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives are intended to encourage people to switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. The incentives may include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the Virginia government and some by your utility company, county or municipality. Some solar incentives you might qualify for are:

  • Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are generally handled at the state level. Once your solar panel system meets the threshold (generally a small amount of energy production), you are eligible to receive SRECs that you can then sell to your utility company or other buyers. The money you make is generally considered part of your taxable income.
  • Net Metering: Net metering becomes relevant once your solar system is up and running. If you have in place a net metering agreement with your Wyndham utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in other areas you may receive a refund equivalent to a percentage of the value.
  • Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
  • Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar system. States or counties will also offer limited-time rebates at various times. The value of a rebate will usually come off the total price before any tax credits are calculated.
  • Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar system. Property tax exemptions let you ignore the value that your solar panels add when you calculate how much property tax you need to pay on your house.
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Federal Solar Incentives

Federal solar incentives are likely to be the first thing that comes to mind when thinking about solar incentives. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a specified percentage of the money you spend installing solar panels.

The ITC originally covered 30% of the total cost of installing a solar system, although that number has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost 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 systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.

Contacting your local Wyndham solar panel installer is the best way to understand how the ITC applies to your situation.

In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit; the amount will decrease slightly on a yearly basis until the end of the current program. The expansion to the program 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. Your local Wyndham solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it will apply to you.

State & Local Solar Incentives

Some solar incentives may be provided by state and local governments. Similar to federal incentives, these may include tax credits, rebates and more. These incentives — which might be given by the state of Virginia, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.

Next Steps for Installing Solar in Wyndham

There are many kinds of solar incentives: those provided by local utility companies, those provided by the federal government and those offered by the Virginia government, to name a few. Solar energy utilization has increased tremendously in the last 15 years, partially thanks to these incentives. Your local Wyndham solar panel installation company can provide you with more details about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.

EcoWatch's Wyndham, VA Solar Incentives FAQs

What are some of the environmental benefits of switching to solar?

You can lower your carbon footprint by 300 pounds of CO2 a year when you switch to solar panels. This adds up to approximately 6,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch lessens the drain on our planet's resources.

When does the federal solar tax credit end?

The federal solar tax credit, previously called the ITC and now named the Clean Energy Credit, is scheduled to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.

If I switch my appliances out for ones that can utilize solar energy, are there benefits I can claim?

The new Inflation Reduction Act creates a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?

Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are applying for, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to confirm that you are claiming the correct incentives and that you're getting the most money you can.

Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?

While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the details.

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.

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