Virginia Governor Glenn Youngkin signed a bill into law that creates a property tax exemption for residential and mixed-use solar energy systems up to 25 kilowatts in size. This new law expands energy freedom for consumers and creates an additional incentive to do business in the Commonwealth.
“With his signature today, Governor Youngkin has significantly strengthened customer energy choice in Virginia with a business-friendly approach to promoting the local clean economy,” said Will Giese, southeast regional director for the Solar Energy Industries Association (SEIA). “This new law empowers millions of Virginians to choose the energy that works for them, while increasing the value of their homes and creating certainty to attract new businesses and jobs.”
Virginia ranks ninth in the nation for installed solar, according to SEIA, with solar generating nearly 4% of its electricity needs. SEIA’s growth projection for the state is 5,114MW over the next five years, when the state is projected to be seventh in the nation. The property tax exemption follows on the heels of passage of the Clean Economy Act, which is expected create up to 29,000 solar jobs while providing market opportunities for distributed generation and utility scale solar.
“ Virginia now has a home-generation tax policy that is competitive with other southern states, and companies are ready to continue growing the local economy and lowering energy costs for people across the Commonwealth,” said Giese.
