- Federal Tax Credit (ITC) – Up to 30% of your solar installation. More info
- USDA REAP (Rural Energy for America Program) Grant – Up to 40% of cost for commercial and agricultural projects. www.rd.usda.gov
- Modified Accelerated Cost-Recovery System (MACRS) – Businesses may recover investments in certain property through depreciation deductions. More Info
- Database of State Incentives for Renewables and Efficiency (DSIRE) – www.dsireusa.org
Solar Energy Equipment Tax Exemption (Code of VA § 58.1-3661)
- Potential Applicants: Business, Industry, and Residents. This statute allows any county, city, or town to exempt or partially exempt solar energy equipment from local property taxes. Eligible technologies include passive solar space heat, active solar water heat, active solar space heat, solar thermal electricity, and photovoltaics. Certified solar energy items are defined as any “property, including real and personal property, equipment, facilities, and devices which use solar energy that would otherwise require a conventional source of energy.” Localities offering exemptions: Albemarle, Alexandria, Arlington, Charlottesville, Chesterfield, Dinwiddie, Fairfax City, Fairfax County, Falls Church, Hampton, Hanover, Henrico, Isle of Wight, King and Queen, Loudoun, Lynchburg, Prince William, Pulaski, Rappahannock, Roanoke, Spotsylvania, and Winchester.
- Your solar installer can walk you through different financing scenarios and options.
(NOTE: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.)