Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Smaller power bills: Sourcing some or all of your own electricity will cut power costs long-term.
- Better energy independence: Adding a battery backup lets you have reliable energy during grid outages and storms.
- Reduced carbon footprint: Embracing solar is a surefire way to lower your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Newport News Homeowners?
Governments and power companies often incentivize homeowners for going 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 Newport News
The cost and efficiency of solar panels often rely on which company mounted them. Here are some important factors to consider while shopping for a solar company.
Licensing and Training
Since 2012, the Virginia Department of Professional and Occupational Regulation has issued Alternative Energy Systems (AES) licenses to contractors working on solar photovoltaic systems. Even if a contractor has an AES license, they may still need to subcontract electrical, plumbing or HVAC work. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar sector's most reputed trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Newport News
Your photovoltaic panels' style will influence how much power you can produce. Monocrystalline panels cost the most but perform the best. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total project price, but they can improve your solar system's efficiency. Not every solar contractor includes these extras, so look for a provider that sells them if it's a priority for you.
Most Newport News homeowners select solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $17,950 to install, considering both parts and installation. You can see more specific cost information in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Newport News
There are a plethora of ways to pay for a new solar system, and the right one will help you decrease overhead. A few of the most common options include leases, power purchase agreements (PPAs), loans, and cash payments. Though it requires a large up-front payment, cash is the most cost-effective choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases let you use your panels for a set monthly rate, while PPAs let you pay just for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each installer you're considering about the financing options it offers. A staff member can help you determine the most suitable option for your budget.
The table below lists the average payback periods for different capacities of solar systems in Newport News.
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 rebates and financing plans that could reduce your total cost even more.
|Solar System Capacity
|Estimated Payback period
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Frequently Asked Questions About Solar in Newport News
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Newport News?
Should I anticipate a property value increase after installing solar panels?
How long does the solar panel installation process take?
What upkeep do my solar panels need, and how often do they need it?
What size should my new Newport News solar system be?
How does "net metering" work, and do I need to participate?
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