Jon Ward-VA
- IRA,
- Stories
Virginia homeowners like Jon Ward are accessing the benefits of distributed renewable energy thanks to the Inflation Reduction Act (IRA).
In 2023, the Falls Church resident installed a 4-kilowatt (kW) array to lower his consumption of utility electric power and fossil fuels. Jon reduced the cost of his solar system by about $4,500 through the solar Investment Tax Credit (ITC), which the Inflation Reduction Act (IRA) increased to 30%.
This federal incentive helped Jon overcome the financial barriers to becoming his own source of power. “It would be an awful lot to put in without the 30% tax credit,” he shared. The savings will lower his payback period by about seven years, making it a prudent investment.
The system meets 100% of his home’s electricity needs and at times produces excess power that flows back to his neighbors to meet local demand. This overproduction earns him credits on future bills through a policy called net metering.
Jon’s plans include purchasing an electric vehicle and switching his home’s heating and cooling to high-efficiency heat pumps. These upgrades can also qualify for IRA-funded rebates, helping him save even more.
Jon is grateful for the IRA’s role in making his electrification goals more affordable. “I’m glad the government is incentivizing it,” he said.
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