Virginia residents are facing higher and higher electricity rates over the years, with no end in sight. Read on to learn how much to expect bills to increase, but how solar power can help you take matters into your own hands.
How rates are increasing in Virginia:
Dominion Energy customers will be paying $15 more on their monthly electricity bill this year. That’s an extra $180 per year! But there is a way to lock in your electricity rates and generate your own power from the sun: go solar with Freedom Solar Power.
How Freedom Solar Power can lessen rising electricity bills
When you install solar panels on your home, you can generate your own electricity from the sun. This means that you can reduce your reliance on Dominion Energy and save money on your electricity bills.
In Norfolk, Virginia, the average solar panel system can offset over 90% of a homeowner’s electricity use. This means that you could save hundreds of dollars on your electricity bills each year.
In addition to saving money on your electricity bills, going solar can also increase the value of your home. Studies have shown that homes with solar panels sell for an average of 4.1% more than homes without solar panels.
[Related: Solar Panels 101: The benefits of solar power]
Are solar panels worth the investment?
The upfront cost of solar panels can be high, but the long-term savings on your electricity bills can make it a worthwhile investment. In fact, most homeowners in Virginia can expect to save more money on their electricity bills than they spend on their solar panel system over the lifetime of the system.
[Related: Conversation with a banking executive: Is solar worth the investment?]
Solar Incentives and Loans in Virginia
Virginia offers a number of financial incentives to help residents and businesses go solar. These incentives include:
- Federal solar investment tax credit (ITC): This tax credit allows you to deduct 30% of the cost of your solar system from your federal income taxes.
- VirginiaSAVES Green Community Loan Program: This program offers low-cost financing for nonprofit, private commercial and industrial entities, and local governments to fund energy efficiency and renewable energy projects throughout the state.
- Energy Project and Equipment Financing: This loan program is funded by the Virginia Resources Authority (VRA) and provides financial assistance for various energy projects, including renewable energy and energy conservation.
- Small Business & Non-Profit Loan Program: This program provides financing for any wind and solar project pursued by a small business or nonprofit organization.
[Related: Virginia Solar Incentives and Rebates]
Get started with solar power in Virginia
Virginia is rapidly increasing its solar industry projects, with Norfolk having the most solar installations in the state. We have solar installations in Norfolk, Richmond, and Arlington.
To learn more about how you can go solar, send Freedom Solar Power your information and we will contact you to schedule an appointment. An energy consultant will meet with you at your home, place of business, or virtually to discuss your needs and provide you with a custom proposal.
Our proposals include system size, design, costs, financing, and savings information. We can help you find the best solar solution for your budget and needs.
If you are interested in learning more about how Freedom Solar Power can help you avoid Dominion Energy rate hikes and save money on your energy bills, contact us today. We offer a free consultation to discuss your needs and develop a custom solar energy solution for your home or business.
Contact us today at (800) 504-2337 or complete our online inquiry form to learn more about our solar energy solutions and how we can help you.
[Related: SOLAR PANEL INSTALLATIONS IN NORFOLK-VIRGINIA BEACH, VA]