The climate is changing, the energy focus is changing, the move to electric is well underway just like back in the day of Henry Ford and the Model T we are in the age of Tesla and the move to an electric world is well underway. Yet how do we power it, what makes sense, this is where solar is at the forefront.
Currently the United States cannot afford not to incentivize solar as it increases the country’s security of the grid, all the while allowing us a path towards meeting global environmental initiatives as well as local ones.
I am here to inform you that, as a homeowner in Virginia, going solar is objectively a smart financial as well as strategic life decision for most people. Not only does it add value to your property, but it also reduces your taxable burden and puts you as a leader in your community for clean green energy. Everyone’s circumstances and needs require evaluating at a case by case, as although it does make sense for most people, not all homes and not all people are in the position where solar will make sense for them. Thus I advise, get a quote and review with a professional before making the decision.
The benefits of solar and there are many, could not have come at a time of more need for them. We are living in a time of great challenge and great opportunity and yet also a time where everything seems hell bent on going up in cost as well as uncertainty. Are you looking to catch your breathe? If you are read on as you have options to get ahead of the curve. The truth is you can move slow with informed action and thus move fast.
There are ways to accomplish more with less, the old adage if all you have is a hammer everything looks like a nail. Thing is life sometimes requires a new tool a new shepherd to a brighter future. Let us give you some new tool, it is my intent for you to be better prepared for your future after reading this blog post.
Where one person carries the rising costs of the times, another is able to benefit by adopting the solutions to the problems we all face. Have you felt like things are moving faster these days?
Being proactive, taking the initiative to move forward in times of great change with enthusiasm and courage in the face of fear often pays off big time. The other side of this is that the cost of doing nothing is able to affect us faster than ever do to how fast the world is changing today.
The truth is regardless of whether you or I lean left, right, front, back, center of the aisle in politics what it is, still is what it is. How we experience the world ultimately comes down to making better decisions for ourselves and thus for all those around us.
Virginia recently passed a new solar tax exemption law, which may make solar more affordable for homeowners. The law exempts residential and mixed-use solar energy systems up to 25 kilowatts from property taxes. This means that homeowners who install solar panels on their property will no longer be subject to property taxes based on the value of those panels. Property taxes can add up over time, so this can be a significant savings for homeowners.
Hey there, fellow Virginians! Are you thinking about adding solar panels to your home?
Well, I have some exciting news for you. Not only has the state just launched a new solar tax exemption law, but the federal government also offers a sweet deal for homeowners who go solar.
Let’s start with the solar tax exemption. This new law means that if you install solar panels on your property, you won’t have to pay property taxes on the value of those panels. That’s right, you heard me correctly! No more property tax on your shiny new solar panels. Can I get a hooray?!
But wait, there’s more! The federal government also offers a solar investment tax credit (ITC) that allows you to recoup a portion of the cost of equipment and installation. This credit is worth 30% of the total cost of your solar system and can be claimed when you file your federal income taxes.
Now, when you combine the state and federal incentives, the cost of going solar for a homeowner can be significantly reduced. For example, if you install a $45,000 solar system, you can claim a tax credit of $13,500 (30% of the total cost) on your federal tax return. And if you live in a county or city that has implemented the new solar tax exemption, you’ll also be able to save on property taxes for the value of the solar panels.
It’s clear that the solar tax credits available combined with the 30% federal tax credit are a powerful combination for Virginian homeowners considering going solar. By taking advantage of these incentives, homeowners can save money on both the cost of their solar systems and their long-term energy bills. But don’t forget, the opportunity cost of staying with the utility company should also be considered. All of our decisions are either compounding towards or away from the life that we desire. When we are aware of this we are able to choose intentionally to set the heading of our lives, otherwise we are but feathers in the wind blown often by others intentions not our own.
As someone who has always been interested in thriving rather than simply surviving, I’ve done a lot of research on various strategies and concepts that can lead to financial independence. One such concept is the Financial Independence Retire Early (F.I.R.E.) movement, which is a growing community of individuals who want to make the most of their lives while they are still living them, rather than waiting until the end. While many hacks in this community originally focused on frugality, there has been an evolution in thinking within parts of the community, where emphasis is now placed on efficiency and reducing waste in all areas of life.
This shift in thinking has led to an increase in opportunities for those looking to level up their life by leveraging opportunities that can multiply rewards on efforts applied. One such opportunity is the utilization of solar as a primary energy source. By implementing solar energy, individuals can not only save money on energy costs but also increase their home equity and make a positive impact on the environment. The F.I.R.E. movement has become a powerful community of individuals sharing knowledge, writings, blogs, books, podcasts, meet-ups, accountability support networks, all this leading to an increase in opportunities for those looking to level up their life and achieve financial independence.
Deepak Chopra discusses the Law of Least Effort, also known as the principle of effort economy in Vedic Science, India’s age-old philosophy, or “do less and accomplish more.” You eventually get to the point where you do nothing and achieve everything. While this may seem too good to be true, the hardest pills to swallow normally for us are that normally all is rather simple and yet we often make it more difficult on ourselves.
Depicting in perhaps and overwhelmingly simplistic but imperfectly perfect way, the 80/20 rule or the pareto principle; whereby 80% of our results are the result of 20% of our efforts. The inverse worth noting and where most of us run into unnecessary challenges is also true; 20% of our results are 80% of our efforts.
The marginal benefit of going solar is substantial and can significantly impact an individual’s ability to achieve financial independence by freeing up the flow of energy to the 20% areas of our lives yielding the 80% of our results we care about. Individuals can significantly reduce the cost of installing a solar energy system by taking advantage of state solar renewable energy credit markets and the 30% ITC. This can result in lower energy costs, which can have a significant impact on a person’s ability to save and invest for the future.
Additionally, having the additional home equity tax-free can have a compounding positive effect on an individual’s net worth. By increasing the value of their home, individuals can access more equity that can be used to invest in other areas, such as stocks or real estate. This can lead to a snowball effect, where the additional home equity can be used to generate additional income and wealth, which can be reinvested to generate even more wealth.
Data-sets highlighting the compounding positive returns of going solar can be quite compelling. For example, a study by the National Renewable Energy Laboratory found that the average solar energy system can generate a return on investment of around 15% per year. This is significantly higher than the average return on investment for traditional investments such as stocks or bonds.
Furthermore, it’s worthwhile to consider the opportunity cost of not going solar. With rising energy costs and inflation, the cost of energy is likely to continue to increase in the future. By choosing to go solar, individuals can lock in a lower energy cost for the foreseeable future, thereby avoiding the negative impact of rising energy costs on their finances.
It is highly advisable and to consider the benefits of going solar in relationship to the costs of not going solar in today’s market of ever rising costs. The decision to go solar can have a significant positive impact on an individual’s financial independence and net worth. By utilizing state solar renewable energy credit markets, the 30% Investment Tax Credit (ITC) and the additional home equity tax-free, individuals can significantly reduce the cost of installing a solar energy system and generate compounding positive returns on their investment.
Furthermore, as a Virginia homeowner, going solar has numerous advantages that cannot be overlooked. It increases the value of your home, lowers your taxable burden, and saves you money on your energy bills in the long run. With rising energy costs and inflation, the opportunity cost of not going solar can be significant. It is crucial to consider these incentives and how they can help make solar more affordable for you. Don’t let this opportunity pass you by! Investigate these incentives and see how going solar can positively impact your overall financial independence and net worth.
Learn if Solar is Right for You
When exploring your options with reclaiming your power at your home, over your financial future, your energy, we provide solar discovery calls. In these we will listen, learn what you are looking for and look to provide options by doing an assessment of your homes solar potential. In the case your home qualifies such as has the right roof for it, the yard for it i.e. ground mount we will co-create a path and work to create your solar design.
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Solar.fi.guy@gmail.com
