Benefits of Solar Energy
Solar energy provides multiple perks. Let's look at a few of them.
- Lowered energy bills: You can dodge the premium cost of grid-tied power by generating some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back to credit part of your bill.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Better energy independence: Solar panel systems with battery storage systems 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?
The state of Virginia offers a range of solar incentives to help cut your solar system costs. Check out 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 Hampton
The cost and effectiveness of solar panels often depend on the provider that installed them. Consider all of these aspects in your business search.
Licensing and Training
Since 2012, Virginia's Department of Professional and Occupational Regulation has issued Alternative Energy Systems (AES) licenses to contractors who install solar PV systems. A contractor with an AES license may need to subcontract plumbing, electrical or HVAC work. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Hampton
The style of solar panels you choose determines how much electricity you can produce. 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.
Additional accessories, such as electric vehicle (EV) chargers and battery storage, will add to your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar providers provide these optional components, so look for a provider that sells them if it's essential for you.
Generally speaking, it will cost about $17,950 for a five-kilowatt solar array in Hampton. This table lists more specific pricing information for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,090 |
| Solar Polycrystalline | $850 |
| Thin-Film | $497 |
| Solar Battery | $698 |
| Solar Home EV Charger | $2,617 |
Financing Solar Energy in Hampton
Solar contractors offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar loans, power purchase agreements (PPAs), solar leases and cash payments. 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 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 rent your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. We recommend working with an installer that offers multiple financing options. Ask each consultant about what's available, and secure more than one estimate for the best odds of staying within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Hampton.
You are eligible for a 26% federal solar tax credit for new solar energy devices until the year 2032. Local 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 Hampton
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Hampton?
Should I expect a property value increase after adopting solar power?
Could I still use solar power if I live in a rainy, dark, or wooded area?
Is solar installation a quick job?
What's the average solar system size in Hampton?
How are traditional solar loans and PPAs different?
In contrast, solar loans can come from installer, specialty lenders, the government and local banks. 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 taking care of the system, you'll also have total ownership and can apply for many more benefits.
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