We don’t like to “sell” solar to anyone. We want to help people install solar if it makes sense for them. We’ll provide the information, and know that you’ll make the best decision for your company. Luckily for you, small businesses in Virginia are typically eligible for strong solar incentives.
We want to help businesses win solar grants. We can then combine the savings of the grant (25% of project costs) with the Federal Tax Credit (30% of project costs), and over half of the project is already paid for. Combine that with accelerated depreciation (you can depreciate the cost of the system over 5 years), energy savings, and the sale of SRECs (Renewable energy credits), and you can expect a strong return-on-investment.
Here’s how the financial incentives break down:
Federal Investment Tax Credit
Businesses that install solar will earn a 30% federal tax credit through the Federal Energy Investment Tax Credit program. The credit is earned on the date the equipment is placed in service, with no maximum limit. Learn more here
Many small businesses & farmers in Virginia are eligible for a grant that will pay for 25% of a solar project, in addition to tax benefits. The REAP grant (Rural Energy for America Program) is a competitive grant designed to help farmers and rural businesses decrease overhead and increase profits. If your business wants to install solar panels, we’ll write the grant, and you get all the savings.
To be eligible, your business must be:
- A small business, as defined by the Small Business Administration
- Located in a rural area (any area except cities with populations greater than 50,000).
- Produce more than 50% of its revenue through agricultural means
When we complete a site assessment, we’ll give you a report explaining how much electricity your system could produce annually. Since each business consumes different amounts of electricity at different times, we’ll need current copies of your electric bills to give you an accurate picture of how much money you’ll save. Solar panels are very reliable and designed to produce energy for 30+ years, which means 30+ years of savings.
Solar Renewable Energy Certificates, or SRECs, are credits that your business can earn for producing clean energy. Utilities which use fossil fuels to create electricity are often mandated to have a certain amount of green energy, or pay an environmental fine. Usually, if the SRECs are cheaper than the fine, they buy those instead. This means that you can sell the credits, and subsidize the cost of installing solar panels. SREC prices for Virginia have risen in the last year, due to increased environmental requirements for utilities. Currently, this can add a value of about 30% to electricity you produce.
Selling SRECs is easy and requires almost no additional work. We’ll get you set up with a 3rd party that will sell your SRECs for you. Once a system is set up to sell SRECs you will automatically receive quarterly payments for every credit you produce.
Solar is a great way to show that your business is socially responsible, and sends a strong message to your clients. If being a “green” business is part of your plan, we can show real-time statistics on how much energy your system is producing, and how much CO2 is being saved. Many consumers are excited to see businesses supporting clean energy and reducing their imprint on the planet.