The price you pay for solar depends on many factors: The bigger your solar panel system, the pricier it will be. Calculate how much power you need with these solar calculators to estimate the size and the cost of the solar panel array needed for your home energy usage. Here are some pros and cons of paying for your solar panel system in cash: We understand that not everyone has $22,000 to $38,500 available to cover the cost of solar panels up front. With this change, your property taxes wont increase after youve installed a solar system, even though adding solar will increase your homes value. After factoring in the Residential Clean Energy Credit, an 8.6 kW solar system would cost $23,779. NREL's PVWatts Calculator Estimates the energy production of grid-connected photovoltaic (PV) energy systems throughout the world. Use the formula below: (Total System Cost Value of Incentives) Cost of Electricity Annual Electricity Usage = Payback Period. Solar panel dimensions. Use this solar calculator to estimate your expected savings. Wondering how to calculate your payback period and solar panel return on investment (ROI)? A roughly 11-KW solar system is needed to meet the average monthly energy consumption of Virginia residents. Solar photovoltaic systems, on average, can cost between $10,000 $25,000, and have an average payback period of 8-13 years. If your electricity costs are higher than average, that makes your payback period even shorter, because you are saving more on utility bills each month. The federal ITC drops to 22 percent in 2034 and is eliminated for residential solar installations in 2035. That may be a better option for you if you have less roof space. Looking at full pre-tax-credit prices, an 11 kW solar energy system costs the average Virginian $30,250 and the average American $29,260. Either way, the cost of an inverter replacement should factor into your ROI calculations. You should never sign up with the first company to give you a solar estimate. panels will cost for your home based on current offers from your local solar installation companies. Eliminating high electric bills leads to quite a speedy payback period of3.64 yearsif you take on a DIY install, or5.63 yearsif you hire a contractor. Net metering greatly improves the financial viability of solar since it enables you to reap the benefits of every kWh of energy you produce, regardless of when you produce it. We then show current offers from local solar companies for that system size. Choose a county below to see solar costs in that area. If the panel itself breaks, its typically between $150 and $500. Virginias first solar policy dates back to 1977, when the state issued a Residential Property Tax Exemption for Solar. Virginia offers homeowners financing via the Property Assessed Clean Energy (PACE) program. No matter where you live, the installation company you choose to handle your solar conversion will play a role in your overall pricing. The requirements and benefits vary by location. All numbers updated as of November 2022. Monocrystalline solar panels tend to be more efficient But it allows you to buy affordable, rural land and produce clean power where you need it. At an average per-watt cost of $2.75 in Virginia, every kilowatt increment will cause your total cost to jump by roughly $2,750. that is charging enough so that they can stay in business - as youll be relying on them for the next 25 years! SunPower panels are 61.3 inches by 41.2 inches. After three years of use, solar systems are completely carbon neutral and remain so for the duration of their lifespan., In short, if you want to reduce your carbon footprint going solar is a great option.. ENERGYSAGE is a registered trademark and the EnergySage logo is a trademark of EnergySage, Inc. Other trademarks are the property of either EnergySage, Inc. or our licensors and are used with permission. But there are several ways you can finance your solar system cash purchase, solar loan or a solar lease. With an average cost of $2.75 per watt for solar in Virginia, youd pay a total of about $30,250 for an 11-kW home solar system. You can use this same formula to determine how many solar panels you'll need to power your . Some companies might advertise that you can get panels for free, but this is usually code for a solar lease, which doesnt actually help you save much money in the long run. Most residents see pre-tax-credit solar costs between $22,000 and $38,500 in Virginia. local electricity prices, solar costs, and estimated incentives over time. As of March 2023, the average solar panel cost in Virginia is $3.01/W.Given a solar panel system size of 5 kilowatts (kW), an average solar installation in Virginia ranges in cost from $12,792 to $17,308, with the average gross price for solar in Virginia coming in at $15,050.After accounting for the 30% federal investment tax credit (ITC) and other state and local solar incentives, the net . They eat into the value of your investment, and can actually cause you to lose money in some cases. Most system owners will be happy enough to mount panels at a fixed angle, which saves money on racking and installation costs. With a loan, the solar payback period is longer because your energy savings have to cover your monthly loan payments. For reference, solar panels typically last 25 years at the very least. Because Virginia receives plenty of sunlight, most homeowners dont need to choose the highest-efficiency panels (although it can be helpful.) Solar panel cost Virginia: Prices & data January 2023. The right choice will depend on your financial situation and the costs of your system and other factors. While its not a large factor, paying for permits and your interconnection fee to the grid will add a little to the top of your total solar installation price. As solar panels continue to gain traction in the Old Dominion, well likely see their cost drop even further. This guide discusses the pros and cons of different solar panel purchasing options. How Much Can You Save by Going Solar in Virginia Today? This is a long, long time and you will need customer service over all that time. Cash purchases are one common method to pay for solar and often lead to the most long-term value for your money. Virginia Homeowners that qualify for this new program no longer have pay huge upfront costs to get solar panels. It means that installing a solar system of about 6kW will cost nearly $6000 to $9000. Learn more. Thinking about switching to solar? = 3.64 years. There are also several national incentives for lower income households. Leases also make your home harder to sell. It allows homeowners, small building owners, installers and manufacturers to easily develop estimates of the performance of potential PV installations. Check ourState and Local Incentivespage to search for additional programs in your area. How Does the Current Cost of Solar in Virginia Compare to the National Average? Need help designing your system or help calculating your solar panel ROI? 1 Since 2007, the most notable financial incentive to emerge in Virginia came in 2012 and 2013, when the Tennessee Valley Authority and Dominion Energy began offering solar performance payments to their customers. Keep in mind that some solar companies may have a variety of solar equipment brands for added price flexibility. Your payback period will depend on the cost of your system and the amount of power it generates. Learn how solar panels work and if they make financial sense for your home. That said, theres no denying that solar involves a hefty up-front investment. Check out ourDIY Solar Timeline. For grid-tie systems, we calculate the solar panel ROI of your system against the cost of buying electricity from the utility company. When you install the system yourself, it takes 6.11 years to recoup the initial cost of the system. Solar panel cost West Virginia: Prices & data March 2023 Updated: February 1, 2023. You may opt to pay more for a more reputable company with better reviews and a shorter time period until installation. According to EnergySage, as of 2020, the average cost to install residential solar panels in Virginia ranged from $12,325 to $16,675 after solar tax credits. A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings. Virginia Solar Incentives (Rebates, Tax Credits & More in 2023), Top 5 Best Solar Companies in Virginia (2023 Reviews), Solar Panel Cost In 2023 (Homeowners Installation Savings Guide), 2023 IRA Solar Tax Credit Calculator Inflation Reduction Act. In total, the cost to install your system is $18,124.70. As you can see, solar is even more appealing in states with high electricity costs. But for a general rule of thumb, a homeowner in Virginia can expect to pay between $20,000 and $45,000 before incentives. Virginia itself does not offer a solar tax credit. These estimates are based on average energy use in Virginia. To learn more, check out our articles about why solar is worth it and how much you can save by going solar. Smaller systems are cheaper but there are some upfront costs that to make any solar system work like an inverter (s) and utility fees or inspections. Download our free guide to learn how to claim your credit. If you purchase a solar system between 2020 and 2022, you'll receive a 26% tax credit. This replacement cost should be factored into the solar panel ROI equation. This payback period is not guaranteed. Generally speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. The cost of installation of renewable energy systems in Virginia is supported by the federal solar investment Installation costs for solar will vary with your location and the size of your homes electricity bill. This is a measure of how much sun an area receives throughout the year. There may be otherstate or local incentivesin your area. Learn more. Even taking this worst-case scenario into account, you still break even about halfway through the life of your 25-year panel warranty and stand to make a reasonable return on your investment. When you go solar, the power generated by your solar panels replaces the electricity you buy from the utility company, reducing or completely eliminating that bill.FREE Federal Tax Credit GuideLearn More . This varies by location, but typically total less (sometimes much less) than $1000. ($18,124.70 $4,712.42) $0.0909/kWh 10,968 kWh/yr. ENERGYSAGE is a registered trademark and the EnergySage logo is a trademark of EnergySage, Inc. Other trademarks are the property of either EnergySage, Inc. or our licensors and are used with permission. One standard solar panel produces about 1.24 kWh per day, and costs around 65 to 75 cents per watt. These companies tend to care more about you and your specific job. VA, Henrico, 1601 Bryan St Suite 900, Dallas, TX75201. Click on your state for solar panels cost localized to your city or use the solar calculator above to see the live prices from solar providers near you. Find out how solar energy can make a difference in your home and in our community. The best solar panel brand for you is the one that fits your budget and provides the efficiency you need to cover your homes energy consumption. Based on your results from the solar panel calculator above, you can multiply your recommended wattage by . They come at a higher up-front cost than string inverters, but the extra production from shade mitigation more than makes up for the initial purchase price. On a per-watt basis, solar in Virginia costs $2.76 per watt compared to the national solar cost of 2.66 per watt. We also keep the $1,000 estimate for shipping and permitting. No, solar panels are not free in Virginia. Virginia currently ranks 11th in solar generation with enough solar generation to power almost 300,000 homes. On the other hand, the state is prone to extreme weather, including intense thunderstorms, hurricanes and tropical storms, so some homeowners opt to pay more for high-quality panels that can stand up to abuse and come with above-average warranty coverage. Each solar payment method has its own advantages and disadvantages. Solar installation costs do not include the 30% federal investment tax credit or local incentives. Learn more about how our Marketplace works and how we make money. This means the utility installs two separate meters, one for the power you use and one for the power you generate, and charges each at a different rate. Instead, get a few estimates and compare prices and offerings. Contact your utility to find out if this is applicable to you. *What is a kilowatt and what is a kilowatt hour? Click to read our review of the best solar companies in Virginia that offer affordable, high-efficiency solar power systems. Sign In. A grid-tied system can pay for itself in around 3 to 6 years for DIY projects, and 5 to 9 years if you hire a contractor. Many years later, Virginia took the next major step towards large-scale solar development when the state implemented a net metering program in 2005 for residential systems up to 20 kilowatts (kW). A local contractor might charge you $1/watt to install your system, which works out to $6,900 for this 6.9 kW (6900-watt) system. Most people are eligible to claim this incentive (you must owe federal taxes to claim the credit). Our solar calculator will help you weigh your options. This means a 300-watt panel today would be guaranteed to still produce at least 240 watts 25 years from now. Since solar panels are warrantied for 25 years, any energy you generate beyond the initial payback period represents a profit on your investment. Virginia is no stranger to severe weather like hurricanes, tropical storms, tornadoes and hurricanes,9 So youll want to choose a brand with a long-lasting warranty and look into solar energy storage options to protect you from blackouts like batteries and generators. As of 2022, a typical solar installation costs about $990 more in Virginia than the national average. We provide a transparent and easy shopping process, and promise youll have all the information you need to go solar with confidence. Tesla solar panels are designed to be highly efficient, delivering maximum solar production year-round, even on roofs with complicated angles. If you have specific questions that arent answered here, reach out to our team of solar experts at solar@ecowatch.com. Solar panels are much cheaper today than they were 10 years ago, which means millions of homeowners that could not previously afford to do so are switching to solar. Running power lines to your property can cost an estimated $20,000 for a half-mile run. A 10kW system will product between 600 and 1,300 kWh/month, or approximately 12,000 kWh/year. Scenario #1: US national average electricity rates, installed by a contractor at $1/watt. In our example, the system costs$8,676.28if you choose to install it yourself, or$13,412.28if you hire a local contractor to install it at $1/watt. System costs must be evaluated against other means of delivering energy to the property. No other site has access to the same data and insider information as EcoWatch, and you can rest assured our reviews and rankings are never affected by revenue or partnerships. Lead-acid batteries are the most cost effective batteries, but they are typically warrantied for 3 to 7 years. There may be multiple AHJs that oversee the process. 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