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You may have heard that there are financial incentives to buy electric vehicles and install solar panels, but the new law goes way beyond that - it includes help for home energy improvements, like heat pumps for space heating/cooling and water heaters and new energy efficient appliances. Households can obtain Federal tax credits to invest in these energy-saving improvements. Point-of purchase rebates are available for low- and moderate-income households. There are also tax credits for renewable energy investments to power homes (e.g., rooftop solar, geothermal, battery storage), and to switch to electric cars and trucks, including the cost and installation of home charging systems. Households willing to make these changes will enjoy lower energy bills. One estimate concludes that if a household installs electric heat pumps to replace their furnace and for water heating, and converts to an electric vehicle and solar panels, they will save $1,800 per year on energy bills. Grants and loans are also available for farmers and rural small businesses from the USDA to invest in new energy systems – from solar, wind and geothermal to biodiesel – and for energy efficiency improvements – like insulation, heating, ventilation, and air conditioning systems (HVAC), even replacing old equipment. Virginia also provides some additional incentives for clean energy investments, such as property tax exemptions for residential solar, and low interest financing for businesses who want to invest in clean energy and EV charging.
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