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Old Dominion is Getting an Upgrade… to Solar Power
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Virginia Homeowners Are Switching to Solar (Without Paying A Dime Up Front!)
IKEA and Prologis aren’t the only ones that have switched to solar power in Virginia. In fact, 32.4% of electricity used in Virginia comes from rooftop solar power. With prices falling 53% in the last five years and 68,605 houses currently powered by solar power, Old Dominion isn’t showing signs of stopping. The state’s solar electricity is expected to triple in the next five years.
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Having set a voluntary Renewable Portfolio Standard goal in 2007, Virginia has invested nearly $784.99 million in its solar power initiatives. It’s no surprise that the state’s solar incentives include rebates, performance payments, and tax exemptions. Utility-scale solar facilities can take the most advantage of incentives, but residential solar power is picking up speed and showing promise as Virginia’s solar plan continues to evolve.
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Rebates & Incentives
Solar powered property is exempt from local property taxes, so homeowners who install solar power on their land won’t be penalized. Virginia also offers the federal Investment Tax Credit, which deducts 30% of the cost of solar equipment on residents’ taxes. *Disclaimer: Ion Solar is not a tax consultant and does not offer tax advice. Please consult your tax profession if you have additional questions.
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739 Thimble Shoals Boulevard, Suite 704 #10
Newport News, Virginia 23606
Rather than its Solar Purchase Program, which allows homeowners to sell their solar electricity, Dominion Energy alternatively offers the top net metering program in the state. This service applies primarily to utility solar power, but can also affect residences that produce more electricity than they need. The credit earned can apply to residents’ electric bills.
Useful Virginia Energy Resources
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