Richmond homeowners are Dominion Energy Virginia customers subject to Virginia’s net metering framework protected by the Virginia Clean Economy Act (VCEA). Virginia mandates full 1:1 retail-rate net metering for all investor-owned utility customers — every kilowatt-hour Richmond’s panels export to the Dominion grid earns a credit at Dominion’s current retail rate, approximately 16¢ per kilowatt-hour. Credits roll forward month-to-month indefinitely — there is no annual reset, no credit forfeiture, and no fixed true-up date. Any surplus credits that remain after 12 months of accumulation are compensated by Dominion at the avoided-cost rate (approximately 3–5¢ per kilowatt-hour) rather than the full retail rate. The indefinite rollover distinguishes Virginia’s framework favorably from states with annual credit resets (Oregon, Washington) or fixed true-up dates with forfeiture (Connecticut).
Dominion’s TOU rates are available to Richmond solar customers who want to optimize around peak and off-peak hours — Dominion’s on-peak window runs from 4–9 p.m. on non-holiday weekdays, with elevated rates during that window. Richmond’s solar production through the afternoon hours leading into the on-peak window builds credits at the standard rate, while battery storage charged from midday solar can dispatch during the 4–9 p.m. on-peak period and offset the highest-cost grid electricity. Dominion also offers a $500 one-time incentive for solar customers who enroll on its Off-Peak TOU plan — most beneficial for west-facing arrays that produce during on-peak hours, less so for south-facing arrays whose peak production precedes the on-peak window.
Virginia’s SREC program adds an ongoing income stream for Richmond solar homeowners that is separate from net metering savings. For every 1,000 kilowatt-hours of solar electricity produced, a Richmond homeowner earns one tradable Solar Renewable Energy Credit. Virginia SRECs currently trade at approximately $45–$70 per credit through aggregators like SRECTrade and Sol Systems, which manage market timing for a commission. A typical Richmond system producing 12,000–15,000 kilowatt-hours annually generates 12–15 SRECs per year — worth $540–$1,050 annually at current prices. SRECs must be registered through PJM-GATS after system interconnection; most Richmond installers handle this registration. SREC income is taxable as ordinary income on federal returns. You must own your system to earn and sell SRECs — leases and PPAs transfer the credits to the third-party system owner.
Virginia’s complete incentive stack for Richmond homeowners includes the full SREC income stream, Dominion’s full 1:1 indefinite net metering, a 100% property tax exemption on the added solar value (no Form RP-487 filing required — Virginia’s exemption is statewide and automatic for qualifying systems), and a full sales tax exemption on solar equipment. Virginia has no state income tax credit for solar. The effective incentive package is comparable to New Jersey’s in comprehensiveness — property tax, sales tax, ongoing income stream, and net metering — though NJ’s SREC-II ($85/MWh fixed for 15 years) is more valuable than Virginia’s open-market SRECs at current prices.
Virginia solar installations average approximately $2.73–$3.00 per watt in 2026. Richmond’s installer market — competitive, with both local Virginia contractors and national installers serving the mid-Atlantic region — produces pricing within this range. A typical Richmond system of 9kW–13kW costs approximately $24,570–$39,000 before incentives. Virginia’s full sales tax exemption on solar equipment saves approximately $1,474–$2,340. The automatic property tax exemption prevents assessed value increases. No federal residential ITC for cash or loan purchases in 2026. SREC income adds $540–$1,050 annually. At Dominion’s approximately 16¢ rate, cash-purchase payback for Richmond systems runs approximately 10–11 years — consistent with Dominion territory broadly — with 25-year savings in the $30,000–$45,000 range depending on system size, SREC price trajectory, and rate assumptions.
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