- Federal Tax Credit (ITC) – Up to 30% of your solar installation. More info
- USDA REAP (Rural Energy for America Program) Grant – Up to 25% of cost for commercial and agricultural projects. www.rd.usda.gov
- Modified Accelerated Cost-Recovery System (MACRS) – Businesses may recover investments in certain property through depreciation deductions. More Info
- Database of State Incentives for Renewables and Efficiency (DSIRE) – Search a large database of incentives for renewable energy and energy efficiency upgrades. www.dsireusa.org
Solar Energy Equipment Tax Exemption (Code of VA § 58.1-3661)
- Potential Applicants: Business, Industry, and Residents
This statute allows any county, city, or town to exempt or partially exempt solar energy equipment from local property taxes. Eligible technologies include passive solar space heat, active solar water heat, active solar space heat, solar thermal electricity, and photovoltaics. Certified solar energy items are defined as any “property, including real and personal property, equipment, facilities, and devices which use solar energy that would otherwise require a conventional source of energy.”
Localities offering exemptions: Albemarle, Alexandria, Charlottesville, Chesterfield, Dinwiddie, Fairfax County, Falls Church, Hampton, Hanover, Henrico, Isle of Wight, King and Queen, Loudoun, Lynchburg, Prince William, Pulaski, Roanoke, Spotsylvania, and Winchester
- Through a partnership with the UVA Community Credit Union, all Solarize participants in the region covered by the UVA Community Credit Union will be eligible to apply for the PowerSaver Home Loan Program. PowerSaver Home Loans offer below market interest rates with terms up to $35,000 over 15 years. More information can be found here.
- Through Admirals Bank, you can take advantage of Solar StepDown and Solar Plus Loans. These solar loans can be combined to finance up to 30% of your solar system at 0% over 18 months and the remaining 70% (capped at $25,000) can be financed with fixed interest rates between 4.95% – 9.95% over 20 years.
(NOTE: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.)