Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Better energy independence: Adding a battery storage system lets you have reliable energy during storms and grid outages.
- Lowered energy bills: With solar panels, you produce power without paying the tacked-on costs of grid-connected power. Going off-grid can eliminate your bills completely.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
What Solar Incentives Are Available to Lynchburg Homeowners?
The state of Virginia offers a variety of solar incentives to help reduce your solar system costs. Check out a breakdown of available solar programs where you live.
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 Lynchburg
The purchase price and efficiency of solar panels often depend on the provider that mounted them. Consider each of these factors in your service provider search.
Licensing and Training
Since 2012, Virginia's Department of Professional and Occupational Regulation has issued Alternative Energy Systems (AES) licenses to contractors installing solar PV systems. Even if a contractor has an AES license, they may still need to subcontract plumbing, electrical or HVAC work. You should also visit a company's website to learn about its private certifications. Two of the most respected are the PV Installation Professional and Solar Heating Installer certificates, granted 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 Lynchburg
The style of solar panels you choose decides how much energy you can generate. Monocrystalline panels cost more but give you the best performance. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
Additional components, such as battery storage and electric vehicle (EV) chargers, will increase your overall costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor includes these extras, so look for a company that installs them if it's crucial for you.
Generally speaking, it will cost about $17,950 for a five-kilowatt solar array in Lynchburg. This table lists more specific costs for different solar panel types and system components in your area.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Lynchburg
There are many ways to pay for a solar energy system, and the right one will minimize your overhead. A few of the most common options include loans, leases, power purchase agreements (PPAs), and cash payments. We suggest making a cash payment or securing a solar loan for the highest return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar incentives to reduce your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still enjoying energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases allow you to rent your panels for a set monthly rate, while PPAs let you pay only for the energy you use, akin to 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 suggest working with a provider that offers multiple financing options. Talk to each salesperson about what's available, and obtain 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 Lynchburg.
A 26% federal tax credit applies to new residential solar equipment purchased through 2032. Further incentives may be available through local governments, usually in the form of rebates and special financing programs.
|Solar System Capacity
|Estimated Payback period
Ready to Get a Quote on Your Solar Project?
Frequently Asked Questions About Solar in Lynchburg
How much money could I save by going solar in Lynchburg?
How prevalent is solar energy in Lynchburg?
Should I expect a property value increase after adopting solar power?
What's a Lynchburg solar panel's average lifespan?
What upkeep do my solar panels need, and how often do they need it?
What is the average payback period for Lynchburg solar panels?
What is "net metering," and how does it work?
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to opt out of the contract for a fee.
To share feedback or ask a question about this article, send a note to our Reviews Team at email@example.com.