Thinking about the energy efficiency of your home? Before you get started with any energy-efficient home improvements, make sure you’re taking advantage of all the financial incentives available. Virginia residents can save money on improvements by taking advantage of (1) tax incentives, (2) programs from utility companies, (3) Green Mortgages, and (4) the Weatherization Assistance Program.
As programs change quickly, Virginia residents should use the Database of State Incentives for Renewables and Efficiency to view a complete list of incentives and rebates in their area. Additionally, residents can check their city, county, state, and utility websites for a list of energy-efficiency programs.
Residents who install solar power or ENERGY STAR-certified solar water heaters can take advantage of a 26% federal tax credit. This tax credit will remain at 26% through 2020. After that, it will be reduced to 22% for tax year 2021. Residents will need to complete IRS Form 5695.
Some residents in Virginia can qualify for Energy Efficient Buildings Tax Exemption and Virginia Property Tax Exemption For Solar Equipment. Check the Database of State Incentives for Renewables and Efficiency for which specific regions in Virginia can take advantage of these exemptions.
Programs from Utility Companies
Several utilities in Virginia offer incentives and rebate programs to residents. For example, residents using Charlottesville Gas can take advantage of programs designed to reduce heating costs. These programs include rebates for installing a programmable thermostat, tankless water heater, and energy-saving hot water heater. A new program from Charlottesville Gas now offers rebates of up to $200 for attic insulation – when installed by a licensed contractor.
Additionally, residents using Dominion Energy may (depending on age and income) be able to take advantage of programs designed to save electricity including Smart Cooling Rewards (i.e., $40 credit for cycling air condition on days that are considered high use) and Income and Age Qualifying Home Improvement (i.e., free energy assessment and energy retrofits).
Residents should check their utility companies’ websites to find details about these incentives and rebates.
Residents wanting to make their homes more energy-efficient can also borrow money to help pay for certain upgrades to their current home or to a home that the resident plans on purchasing. Upgrades can include items like windows, tankless water heaters, HVAC systems, insulation, and more. For more information, visit Mortgage Loan’s blog.
Weatherization Assistance Programs
Residents over the age of 60 and residents with qualifying income levels can apply for funds for home repairs designed to save energy and reduce heating and cooling costs. Find out more on the Virginia Department of Housing and Community Development website.
Be sure to check whether or not your incentives require the use of a professional contractor before you go DIY! By utilizing rebates and other incentive programs, you save on the upfront costs of energy improvements, and watch the long-term savings from energy efficiency roll in.