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Aerial view of solar photovoltaic panels on a roof top of residential building block for producing clean electric energy
Save on Power Bills with a Home Solar Panel System March 15, 2022 | Federal Tax Credit, residential solar panels

There are specific benefits associated with homeownership. It is a source of pride as well as a place to live, and homeownership is likely to be one of the most financially secure investments that you can make. In the event that you are interested in maximizing your investment, one of the most innovative investments is the addition of a solar energy system to your home. The real estate website Zillow.com estimates that a solar array adds an average of 4% to the value of your home. Take a moment to explore the benefits of installing Home Solar Panels in Virginia Beach.

How Does It Work?

A residential solar energy system is an array of photovoltaic panels typically installed on the roof of a home. These panels are made of thin glass sheets with materials that convert sunlight into direct current (DC) electricity. This electricity is transferred to an inverter that converts the DC power into alternating current (AC) power. This electricity can be used in the household, stored in onsite batteries for later use, or returned to the power grid, often earning a rebate from the power company for the homeowner. The amount of power generated is dependent on the type of panels installed, the size of the array, as well as the geographic and physical location.

Benefits of Solar

  • Solar System owners save between 50% and 100% on monthly electricity costs
  • Increase the resale value of your home by an estimated 4%
  • Support the local economy by helping develop the growing solar power contractors in your area.
  • Solar System owners can sell their surplus energy to the local electric utility in the form of Solar Renewable Energy Certificates (SREC’s).
  • Solar reduces the consumption of fossil fuels, minimizes air pollution, and relieves strain on the existing power grid.

Will Solar Work For You?

If you are considering Home Solar Panel System Virginia Beach, it is important to ask several questions:

What is your average monthly power bill?

The average utility bill for a home in the U.S. is about $125.00. With a solar panel generating an estimated average of 14,500-kilowatt hours (kWh) you could realize a savings of at least 50%.

How Much Sun Does Your Home Recieve?

Your geographical location, the orientation of your home to the sun, the amount of shade your home receives, and the square footage of your available roof surface all affect the performance of a solar energy system.

Tax Incentives and Programs

There is a combination of solar tax credits offered by both State and Federal programs that offer significant savings for customers looking for solar power systems in Virginia Beach. New customers can take advantage of a Federal Solar Tax Credit that allows homeowners to deduct 26% of the cost of a solar energy system from their federal tax bill. This is for systems owned, not leased by the homeowner.

The Commonwealth of Virginia offers property tax exemptions for homeowners who have installed a solar power system. This tax exemption allows for the exclusion of the added value realized by the addition of a solar panel system. Homeowners will not be liable for additional tax resulting from the increased value of a home with a solar system.

Virginia offers incentives known as Solar Power Performance Payments that are determined by the amount of metered electricity being used. These payments are measured as Solar Renewable Energy Credits, which are determined by the number of kilowatt-hours (kWh) generated by your solar panel system. Virginia ranks in the top 20 nationally among states that offer solar power incentives. Call Expert Solar Pros for a free evaluation of your Home Solar Panel System in Virginia Beach.

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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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