West Virginia Solar Rebates and Incentives
West Virginia is a state that is rich in natural resources, including coal, natural gas, and oil. However, the state is also beginning to recognize the benefits of renewable energy, particularly solar energy.
The Federal Investment Tax Credit in West Virginia
One of the most significant incentives available to residents and businesses in West Virginia is the Federal Investment Tax Credit (ITC). The ITC is a federal tax credit that is currently set at 22% of the cost of the solar installation. This credit can be applied to both residential and commercial solar projects and can be used to offset the cost of the installation. This can be a significant savings for those considering solar, and it is important to note that this credit is set to expire in 2022.
The State Tax Credit in West Virginia
Unfortunately, there is currently no state tax credit available for solar installations in West Virginia. However, more information can be found on the West Virginia’s Energy Industry website. (https://westvirginia.gov/industries/energy/)
State-wide Solar Initiatives in West Virginia
Net Metering: West Virginia has a net metering program that allows residents and businesses to receive credits on their utility bills for any excess solar energy that they generate. This means that if your solar panels generate more energy than you use, you will receive credits for the excess energy that can be applied to future bills. This program helps to offset the cost of the installation and encourages more residents and businesses to install solar panels.
West Virginia Solar Rights: West Virginia has also implemented a solar rights law that prohibits homeowner associations and other entities from prohibiting the installation of solar panels. This means that residents and businesses can install solar panels without fear of being restricted by their homeowner association or other organization.
Modified Accelerated Cost Recovery System (MACRS): West Virginia conforms to the Modified Accelerated Cost Recovery System (MACRS), which allows businesses to depreciate the cost of their solar installation over a shorter period of time. This can help businesses save money on their taxes and offset the cost of the installation.
State-wide tax exemptions in West Virginia
Unfortunately, there are currently no state-wide tax exemptions available in West Virginia for solar installations.
State-Specific Laws on Solar Easements in West Virginia
West Virginia has implemented a solar easement law (West Virginia Code §36-4-19) that allows property owners to enter into agreements with their neighbors to ensure that their solar panels will not be shaded by trees or other structures. This helps to ensure that the solar panels will be able to generate the maximum amount of energy possible.
Net Metering in West Virginia
Power generated by solar panels in West Virginia is credited through the net metering program. This means that residents and businesses receive credits on their utility bills for any excess energy that they generate.
Benefits of going solar in West Virginia
Installing solar panels in West Virginia can offer a variety of benefits, including reduced electricity bills, increased property value, improved home resale value, and tax incentives. Additionally, as the state continues to recognize the benefits of renewable energy, investing in solar now can position individuals and businesses to take advantage of future incentives and regulations.
In conclusion, West Virginia is a state that is rich in natural resources and is beginning to recognize the benefits of renewable energy, particularly solar energy. There are a variety of incentives and rebates available to residents and businesses in West Virginia who are considering installing solar panels on their property. These include the Federal Investment Tax Credit (ITC), net metering program, West Virginia Solar Rights, and the Modified Accelerated Cost Recovery System (MACRS). Going solar in West Virginia can offer a variety of benefits, including reduced electricity bills, increased property value, improved home resale value, and tax incentives. With the increasing awareness of the importance of renewable energy, now is a great time to consider investing in solar in West Virginia.
FAQsIs Solar Energy Available in West Virginia?
Yes, Solar energy is available in West Virginia. Find expert reviews of solar installation companies in West Virginia at SolarEmpower.
Are there Financial Incentives for Solar in West Virginia?
Yes, there are financial incentives for solar in West Virginia, including state and federal tax credits.
What is the Average Cost of Solar in West Virginia?
The average cost of a solar system in West Virginia is around $15,000 after incentives.
Are Solar Panels Suitable for West Virginia’s Climate?
Yes, solar panels are suitable for West Virginia’s climate. The state has a good amount of sunshine and solar panels can be used to generate electricity.
Is Solar Power Reliable in West Virginia?
Yes, solar power is reliable in West Virginia. Solar panels have a long lifespan and require minimal maintenance, making them a reliable source of energy.