Benefits of Solar Energy
Solar energy offers multiple advantages. Here are some highlights.
- Reduced carbon footprint: Using clean solar power lowers your dependence on fossil fuels, which release greenhouse gases that damage the environment.
- Better energy independence: Adding a battery backup or storage system lets you have dependable energy during grid outages and storms.
- Lowered energy bills: You can dodge the added cost of grid-tied power by generating some electricity at home. Plus, many states provide net metering which can allow you to sell your unused energy back to credit part of your bill.
What Solar Incentives Are Available to Suffolk Homeowners?
Virginia agencies and electric companies offer a number of solar incentives to help reduce your solar system costs. Here's 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 Suffolk
Choosing a company is the first step toward a well-oiled and valuable solar energy system. Consider all of these elements in your company 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. Even if a contractor has an AES license, they may still need to subcontract plumbing, electrical or HVAC work. Look 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 Suffolk
Your solar panels' type will impact how much electricity you can generate. Monocrystalline panels are among the highest quality and cost the most but perform the best. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
Additional components, such as electric vehicle (EV) chargers and battery storage, will raise your overall installation 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 essential for you.
If you're a resident of Suffolk and are considering getting a five-kilowatt solar energy system, you could plan to spend about $17,950 for parts and installation. Find more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,053 |
Solar Polycrystalline | $821 |
Thin-Film | $480 |
Solar Battery | $674 |
Solar Home EV Charger | $2,527 |
Financing Solar Energy in Suffolk
Solar companies use multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar loans, cash payments, power purchase agreements (PPAs) and solar leases. We suggest paying with cash or using a solar loan for the best 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 panel incentives to reduce your total costs. Solar loans are another solid 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 involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) allows you to pay a monthly rate based only on the energy you use, as with an electric bill. We usually don’t recommend these two choices because you won't own the system and cannot use solar incentives. Look for providers that offer several 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 Suffolk.
The IRS allows you to claim a 26% federal solar tax credit on the full cost of the solar system, so long as you purchase it before 2032. City and state governments and utilities might also offer their own rebates, financing programs, and incentives that could save you more money.
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 Suffolk
How much money could I save by going solar in Suffolk?
Is solar energy common in Suffolk?
Should I expect a property value increase after installing solar panels?
How can I check my property's solar viability?
Is solar panel installation a fast job?
What maintenance do my solar panels need, and how frequently do they need it?
How does "net metering" work, and do I need to participate?
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