Benefits of Solar Energy
Solar energy has numerous advantages that will enhance your home for years to come.
- Lowered energy bills: With a solar array, you create power without paying the tacked-on costs of grid-tied power. Going off-grid can eliminate your bills completely.
- Reduced carbon footprint: Using clean solar power reduces your dependence on conventional, less environmentally-friendly sources.
- Better energy independence: Solar systems with battery backups function through power outages and emergencies, and you won't have to rely on the grid for your safety and well-being.
What Solar Incentives Are Available to Hampton Homeowners?
Governments and power companies often incentivize homeowners for switching to solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Personal Tax Deduction
20% of the sales tax paid by an individual
Incentive Type: Property Tax IncentiveWebsite: law.lis.virginia.gov
Depends on the local governing body
Incentive Type: Property Tax IncentiveWebsite: dmme.virginia.gov
Varies (local option)
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
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 Hampton
The more comprehensive your provider search is, the better your solar installation will ultimately perform. Make your choice based on the following essential elements.
Licensing and Training
Since 2012, the Virginia Department of Professional and Occupational Regulation has issued Alternative Energy Systems (AES) licenses to contractors who install solar photovoltaic systems. Even if a contractor has an AES license, they may still need to subcontract electrical, plumbing or HVAC work. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Hampton
The type of solar panels you purchase decides how much energy you can generate. Monocrystalline panels cost more but give you the best performance. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
Additional accessories, such as battery storage and electric vehicle (EV) chargers, will add to your overall costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor provides these extras, so look for a contractor that sells them if it's a priority for you.
A majority of Hampton homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $17,950 to install, considering both parts and installation. You can find more specific cost information in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Hampton
There are numerous ways to pay for a solar energy system, and the right one will minimize your overhead. A few of the most common options include cash payments, leases, power purchase agreements (PPAs), and loans. Most solar experts recommend a cash payment or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a home or auto loan, you'll pay a set monthly rate with potentially $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a power purchase agreement lets you pay a variable 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 certain circumstances. Look for providers that offer multiple payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Hampton.
You can claim a 26% federal tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, local governments and utilities may have their own financing plans and rebates that could reduce your total cost even more.
|Solar System Capacity
|Estimated Payback period
Ready to Get a Quote on Your Solar Project?
Frequently Asked Questions About Solar in Hampton
How much money could I save by going solar in Hampton?
Is solar energy common in Hampton?
Will a solar PV system boost my Hampton home value?
What if I live in a rainy or dark
How long does the solar panel installation process require?
What's the average solar system size in Hampton?
What are some "red flags" to watch for as I research companies?
- Pressuring you into signing a contract
- Not being straightforward about references, warranties, cost and training and credentials
- "One-size-fits-all" approach
- Superficial, rushed site evaluation
- No business filing with your local secretary of state
What's the difference between a PPA and traditional financing?
You might look into a PPA if you don’t want to be responsible for maintaining your panels and don’t want to invest in a system, but keep in mind you won’t be paying toward ownership or be able to access any cost-saving solar incentives. Many solar experts don’t recommend PPAs. Our guide covers other payment options above.
To share feedback or ask a question about this article, send a note to our Reviews Team at firstname.lastname@example.org.