Virginia is for lovers... of solar power! Virginia ranks #9 in the nation for solar. Virginia is aggressively expanding its solar energy market. In 2020, the State passed the Virginia Clean Economy Act, and is on the way to pass many more laws in favor of renewable energy.
Did you know that you earn a transferable commodity known as a Solar Renewable Energy Credit (SREC) for every 1 Megawatt of power your solar system produces? You can then sell them to interested parties. Some parties may offer you a flat rate per SREC, others may offer you a lump-sum upfront for the rights to all future credits you produce. As of 2022, SREC's sell for around $50/each. On an average 5KW system, that's an extra $300-400 a year. SREC prices also rise every year. They may be worth $50 now, but what about in 10/25 years?
Under Virginia law, community associations are are unable to pass bylaws restricting the installation of a solar system. The only way for such a rule to be enforceable is only if it is part of the “recorded declaration” for the association. Recorded declarations are the legal founding documents for the association and are not able to be changed at whim by board members. Meaning, if your association wasn't founded with any restrictions, it will be an extremely difficult and convoluted process to change.
Regardless of State, ownership of a solar system makes you eligible for the Federal Incentive Tax Credit (ITC) for up to 26% your Total System Cost for systems installed in 2022.
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