The Spider Solar project at the University of Richmond has made it the first university in the Southeast to use solar energy to cover 100 percent of the UR's electricity needs. The University of Richmond is on track to become the first university in our region to meet 100 percent of its electricity needs with clean solar energy.
For every megawatt consumed on campus, the plant will return an equivalent amount of renewable solar energy to Virginia's power grid, a practice that will neutralize carbon emissions throughout the state. Spider Solar is expected to produce enough renewable energy to emit 19,720 tonnes of carbon.
In addition, the recent VCEA bill ensures that all new solar customers can participate in the net counting and that solar owners receive fair remuneration for their solar installations. Solar customers receive fair value for the solar energy they make available to their energy supplier. A 1: 1 net loan protects the value of customers "solar energy to the state's power grid and economy in Virginia.
This means that homeowners who have purchased solar power can get money from the utility and reduce the time and cost of paying for their solar panels. This solar-friendly offering makes Virginia a more attractive place to invest in solar energy. As the state shows an even greater commitment to solar energy, we will be pleased to see solar panels brighten Richmond. I am proud to have Ralph Northam, founder and chairman of the Virginia Solar Energy Association, in my home state of Virginia.
The VCEA makes it easy for Richmond homeowners and businesses to save money by switching to solar, taking control of their energy, and leading the way in an advanced energy economy. Solar energy can keep the cost of electricity low for both homeowners and businesses installing solar panels, but it can also be a 100% solution for isolated locations where solar panels could be the only source of energy. If residents or companies use the possibilities of solar energy, customers can save money in the long term. The Virginia Solar Energy Association and the Virginia Energy Institute, a study that analyzes the value of solar.
The City of Richmond has approved solar panels on its property for the first time in the city's history, at a cost of $1.5 million for a total of 2,500 acres.
Solar rights and civil rights groups in Virginia are not generally allowed to prohibit homeowners from installing or using solar panels on their property. Virginia law makes clear that homeowners in cities and communities like Richmond can make arrangements to facilitate solar use to protect and maintain solar panels "access to sunlight. The Virginia Solar Easements Act of 1978 allows property owners to enter into binding "easy use" agreements with the City of Richmond and the Virginia Department of Environmental Protection (DEP) to protect and maintain proper access to the sun. In the state of Virginia, the Solar Easement Act protects solar panels on private property, and Virginia law has made clear in the state's Solar Rights Act that an owner in a city or community in Richmond may enter into a binding "solar easement" agreement with a state or local government to "protect" and "maintain" access to sunsets and sunrises, and the proper use of sunlight on his property for the purpose of generating, storing and distributing solar power. In Richmond, homeowners can install solar panels on their property as an additional use within a zone.
This program allows homeowners to receive a remuneration from TVA for every kilowatt hour generated by the new solar panels.
Dominion and Appalachian Power are already selling solar power back to other non-solar customers at full retail prices. One of the last effective ways to save solar power in Virginia is to take advantage of the federal income tax break. If you put solar panels on your home in Richmond, the U.S. government has tax credits that help you, and they help you. If you put solar panels on a house near you in Richland, Virginia, or even in other parts of North Carolina or South Carolina, this will help you. Once you have placed a solar panel on your home outside Richmond or any other part of Northern Virginia or the United States of America, they have tax credits inPlace to help you.
If you run solar power in Richmond, you don't want to miss the opportunity to apply for a significant national tax credit for your solar system. The federal solar tax credit is a generous national incentive for homeowners outside Richmond and won't be long at 26%.
It will drop to 22% by 2023 and disappear by 2024, but this is a good time to switch to solar power in Richmond. By the end of the 2020s, homeowners outside Richmond can apply for a tax credit of up to $5,000 a year for the first five years of their solar conversion. The benefits of a solar phase-out for Richmond, including the fact that it is cheaper than other states, are discussed below.