Benefits of Solar Energy
Solar energy provides multiple perks. Here are some highlights.
- Better energy independence: Solar panel systems can keep your home functioning through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with optional battery storage.
- Lowered energy bills: Solar panels let you generate your own energy to power your home, reducing your monthly electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: Solar is the universe's most abundant clean energy source, meaning you can lower or beat your home's dependence on non-renewable sources.
What Solar Incentives Are Available to Chesapeake Homeowners?
Virginia's public agencies and power companies offer several solar incentives to help cut your solar system costs. Here is a breakdown of relevant solar programs where you live.
Incentive Type: Personal Tax Deduction
Incentive Amount:
20% of the sales tax paid by an individual
Incentive Type: Property Tax Incentive
Website: law.lis.virginia.govIncentive Amount:
Depends on the local governing body
Incentive Type: Property Tax Incentive
Website: dmme.virginia.govIncentive Amount:
Varies (local option)
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Chesapeake
Choosing a company is the first step toward a well-oiled and valuable solar energy system. Here are some crucial criteria to keep in mind while shopping for a solar company.
Licensing and Training
Since 2012, Virginia's Department of Professional and Occupational Regulation has issued Alternative Energy Systems (AES) licenses to contractors who work on solar photovoltaic systems. A contractor with an AES license may need to subcontract electrical, plumbing or HVAC work. You should also visit a company's website to learn about its private accreditations. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, backed by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Chesapeake
The kind of solar panels you purchase determines how much power you can generate. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't the best for large residential installations, but they are excellent accessories for non-traditional roofs.
If you'd like to charge an electric vehicle (EV) or use your solar power in cloudy weather, you can pay extra for add-ons. By choosing the right components, you can make your system more efficient and convenient to use. Not all solar providers offer these add-ons, so look for a provider that installs them if it's essential for you.
Most Chesapeake homeowners choose solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $17,950 to set up, considering both parts and installation. You can find more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,059 |
| Solar Polycrystalline | $826 |
| Thin-Film | $483 |
| Solar Battery | $677 |
| Solar Home EV Charger | $2,541 |
Financing Solar Energy in Chesapeake
Solar providers use multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar leases, cash payments, power purchase agreements (PPAs) and solar loans. Most solar experts recommend a cash payment or using a solar loan. Cash payments require a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Like a home or auto loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a PPA lets you pay a fluctuating rate based on only the energy you use. We generally don't recommend these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. Ask each installer you're evaluating about the payment options it offers. A representative can help you determine the best option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Chesapeake.
You are eligible for a 26% federal solar tax credit for new solar energy devices until the year 2032. Municipal and state governments and utility companies might also offer discounts, rebates, and unique financing solutions that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.3 years |
| 2 kW | 4.6 years |
| 5 kW | 11.6 years |
| 10 kW | 23.2 years |
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Frequently Asked Questions About Solar in Chesapeake
How much money could I save by going solar in Chesapeake?
Is solar energy readily available in Chesapeake?
Will solar energy systems improve my Chesapeake home worth?
What can I do to estimate my home's solar potential?
How long is a Chesapeake solar panel's average lifespan?
What maintenance do my solar panels need, and how frequently do they need it?
What's the difference between a PPA and a solar lease?
You don't own the panels with either option, though you can choose to opt out of the contract for a fee.
How are traditional solar loans and PPAs different?
In contrast, solar loans can come from installer, specialty lenders, local banks and the government. You'll need to pass a credit check to qualify for most of them. While the upfront costs are higher, and you'll be responsible for upkeep, you'll also have complete ownership and can apply for many more incentives.
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