Are there any tax credits available for renewable energy investments?

Yes, Virginia does offer tax credits for investments in renewable energy sources. The Virginia Tax Credit for Renewable Energy Investments allows individuals, corporations, and non-profit organizations to receive a credit for up to 25% of the cost of renewable energy investments made in the state. Eligible investments include solar, wind, geothermal, fuel cells, and biomass conversion systems. Credits are awarded on a first-come, first-serve basis, and can be applied to the taxpayer’s individual or corporate income taxes. The Virginia Tax Credit for Renewable Energy Investments operates alongside the federal Investment Tax Credit for Renewable Energy, which provides additional credits for eligible renewable energy investments. These credits are available for investments made in qualifying renewable energy sources between January 1, 2020 and December 31, 2022. Furthermore, with the exception of geothermal projects, these credits can be applied against the taxes payable in the year the investment is made. Renewable energy investments are an important part of Virginia’s efforts to combat climate change and reduce its carbon footprint, and these tax credits are an effective way to incentivize such investments.

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