Solar Guide for Virginia Electric & Power Co Customers

If you're a Virginia Electric & Power Co customer considering solar energy, you're making a smart financial decision. With residential electricity rates averaging 14.09 cents per kWh, solar panels can dramatically reduce or even eliminate your monthly electric bill. The typical Virginia Electric & Power Co customer spends approximately $113 per month on electricity — money that could be working for you instead of going to the utility.

Virginia service area

Virginia Electric & Power Co has a full retail rate net metering policy. This is one of the best net metering structures available — you receive full retail rate credits of 14.09¢/kWh for every excess kilowatt-hour your solar system sends to the grid. This means your solar panels generate maximum value, as surplus energy produced during sunny afternoons offsets your evening and nighttime consumption at the same rate.

An 8kW solar system for a Virginia Electric & Power Co customer costs approximately $22,320 before the 30% federal Investment Tax Credit. After the ITC, your net cost drops to about $15,624. This system produces enough clean energy to save you approximately $1,574 per year, resulting in a payback period of roughly 7.8 years.

After your system pays for itself, you'll enjoy 15+ years of dramatically reduced electricity costs. Over a 25-year period, total savings for Virginia Electric & Power Co customers are estimated at $39,350 — and that's without accounting for the likely 2-3% annual increase in electricity rates that would make your savings even greater.