Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Lower energy bills: Generating some or all of your own power will cut power costs long-term. Plus, some states offer net metering programs that make it possible for you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
- Better energy independence: Adding a battery storage system lets you have dependable energy during grid outages and storms.
- Reduced carbon footprint: Using clean solar power reduces your dependence on conventional, less environmentally-friendly sources.
What Solar Incentives Are Available to Norfolk Homeowners?
Governments and utility 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
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 Norfolk
Choosing a company is the first step toward a well-oiled and cost-efficient solar energy system. Here are some key items to keep in mind while searching for a solar installer.
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 HVAC, plumbing or electrical work. Solar providers can also earn certifications from trade groups and standards organizations. The most recognized ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Norfolk
Your solar modules' style will affect how much energy you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. 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.
Additional components, 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 every solar provider offers these extras, so look for a company that sells them if it's crucial for you.
You can expect to pay about $17,950 on average for a five-kilowatt solar energy system in Norfolk. Check the table in this section to get an idea of how much Norfolk solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,078 |
| Solar Polycrystalline | $841 |
| Thin-Film | $492 |
| Solar Battery | $690 |
| Solar Home EV Charger | $2,588 |
Financing Solar Energy in Norfolk
Choosing the best financing option will affect your overall solar system cost and expected savings. Common payment options include loans, power purchase agreements, cash payments, and leases. Though it involves a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the next best 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 allow you to rent your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, similar 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. Look for companies that offer several payment plans to find the right fit for your pocket.
The table below lists the average payback periods for different capacities of solar systems in Norfolk.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even 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 Norfolk
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Norfolk?
Will solar energy systems raise my Norfolk home price?
How can I determine my home's solar viability?
How long does the solar panel installation process take?
What is the average payback period for Norfolk solar panels?
How can I enhance my solar panels' performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
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