Solar Cost and Incentives
Unlock Savings with Solar Energy
Solar can significantly reduce your energy bills while taking advantage of valuable incentives. At Tiger Solar, we help homeowners and businesses maximize their savings through federal and state-level tax credits.
Fill out our form to learn more about how you can save on solar installations.
Tax Credits Available to Consumers
There are numerous federal– and statewide tax incentives and benefits that can reduce the cost of solar panel & battery installations by a fair amount. Our team maintains a guide of programs to help you take advantage of these incentives and save money on your solar installation. Reach out to us to learn more about which incentives apply to you!
Save 30% with Federal Residential Clean Energy Credits
The federal Residential Clean Energy Credit allows homeowners to save on solar panel and battery storage installations with a 30% tax credit. This incentive reduces upfront expenses and increases long-term savings. You can use these savings to maximize your return on solar investments, help lower your utility bills, and achieve energy independence.
Virginia Solar Incentives
Solar Renewable Energy Certificates (SRECs)
Virginia homeowners can take advantage of SRECs and sell their energy back to utility companies to meet renewable energy requirements. This program provides additional savings beyond lower utility bills by maximizing the return on investment of your solar equipment.
Net Metering
With net metering, any excess power generated by your solar system rolls over in the form of credits to the next month, reducing future utility bills. These credits help offset electricity costs and maximize your overall savings.
Property Tax Exemptions
Local governments in Virginia offer property tax exemptions for solar energy systems, which means the added value of your solar system won’t increase your property taxes. This exemption helps homeowners save money while still benefiting from increased home value and energy savings.
Residential Clean Energy Credit Qualifications
To qualify for the 30% tax credit for your solar installation, you must meet the following criteria:
New and Existing Homes In The United States
New and existing homes in the United States qualify for the Residential Clean Energy Credit, including primary residences and second homes where you live part-time. The credit, however, cannot be claimed for rental properties or homes you own but do not personally reside in. According to the IRS, landlords and other property owners who do not live in the home are not eligible for this incentive.
Own Your Solar System
The solar energy system must be owned outright in order to qualify. Leased systems, where you do not hold full ownership, do NOT qualify for the credit. This includes both the solar panels and any associated equipment, such as batteries or inverters.
Sufficient Federal Tax Liability
To claim the Residential Clean Energy Credit, you must have sufficient federal tax liability to offset with the credit. If your tax liability is lower than the credit amount, you may be able to carry over the remaining credit to future years. This ensures you can fully benefit from the credit, even if you don’t owe the full amount in the current year.
Speak to a Representative
Confused? No worries! We can help you understand the qualifications for the Residential Clean Energy Credit and help you save 30% off your solar installation. Reach out to a Tiger Solar representative, and we’ll guide you through the process.
How to Get These Tax Credits
To take advantage of the Residential Clean Energy Credit, start by working with Tiger Solar to design and install a solar energy system tailored to your needs. Be sure to save all documentation, including installation costs, invoices, and system details. You will need these details when filing taxes. To claim the tax credit, file IRS Form 5695 with your federal tax return. Don’t forget to apply for local incentives! Many states and utility providers offer rebates or credits to further reduce solar installation costs.
Average Monthly Cost for Solar Panels
The average system size for a solar system in Virginia is around 9–10 KW, which is roughly $2.75–$3.00 per watt. The average cost for a solar system to produce this amount of energy costs around $25,000–$35,000. The range in expenses depends on a variety of factors, such as roof size and square footage of the home. With financing options and tax credits, homeowners typically see monthly payments between $100–$200, depending on a variety of factors.
To learn more about how much your average monthly cost for solar panels will be, reach out to a Tiger Solar representative today.
Take Advantage of Solar Incentives Today!
With the combination of federal and local incentives, now is the perfect time to switch to solar energy. Contact Tiger Solar today to learn how much you can save!