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Photovoltaic Solar Panels on Newly Built Modern House
Expert Solar Pros: Leading Solar Companies in Chesapeake VA February 26, 2022 | Federal Tax Credit, Financing, residential solar panels

Choosing a contractor for home repair, construction, and renovation projects can be difficult and time consuming. Your home represents a lifetime of an investment. It provides not only shelter for you and your loved ones, but also financial security in the form of equity. Investments in renovations and upgrades can result in a higher resale value for your home, and those decisions require the input of a trusted professional. When choosing local residential solar panel installation in Chesapeake VA, consult the design and installation professionals at Expert Solar Pros.

Why Solar Panels for Your Home

In the third quarter of 2021, the United States installed photovoltaic solar systems capable of 5.4 gigawatts of capacity. This was enough electricity to power nearly 21.8 million American homes. Homeowners who invest in solar energy solutions for their homes not only see significant reductions in their power bills, but also have the satisfaction of reducing their carbon footprint, and enjoy “going green”.

When considering a residential solar panel system for your home in Chesapeake VA, remember that customers of Dominion Virginia Power enjoy incentives in the way of rebates for the installation of certain energy-saving efficient systems and materials.

What is a Solar Power System?

A solar electric system typically consists of an array of photovoltaic panels that gather sunlight and convert it to electricity. This energy is then stored in an onsite battery for use in the home, or possible return to the local electric grid. Returning electricity to the local grid can result in a financial reward from the local electric utility. Solar energy customers often enjoy “net zero” utility bills, and this savings recoups the initial investment over time.

Upfront Costs vs. Benefits

There are significant upfront costs in installing a solar power system in your home.

The type of system you choose, the design of your home, and the amount of available sunlight in your immediate area will determine the efficiency of your individual solar system. Covid-related supply chain impacts and high demand have resulted in limited inventory and higher prices for certain materials. The popularity of solar, and anticipated increases in the production of materials and equipment suggest future price drops. The Build Back Better program is expected to make funds available for investment in solar systems, with an estimated increase of over 26% in projected deployment of solar power systems.

The average cost of a solar panel system runs between an average of $15,500 and $21,500 after tax incentives and rebates. This is a long-term capital investment in your property that can reduce or eliminate your electricity bill, but also increase the resale value of your home. Despite the initial cost, homeowners who invest in residential solar panels in Chesapeake VA can expect a payback period of 11 to 13 years. Currently, the Federal Solar Investment Tax Credit provides a credit of 26% for the installation of solar systems through the end of the fourth quarter of 2022. Now is the time to contact Expert Solar Pros for your residential solar financing in Chesapeake, VA.

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Looking for solar installation services in Virginia Beach, Chesapeake, and Norfolk? Give us a call at 757-988-7777 today! Our experienced team is ready to help you with the Federal Tax Credit and guide you through our low-interest financing option.

 
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