Back in April, we reported that the state of Virginia had set aside $39 million in stimulus funding for renewable energy projects. Of that sum, $15 million was earmarked to help homeowners, businesses and nonprofits install solar power and wind energy systems.

Nearly seven months on, it looks like the funds will finally be made available. On November 3, the Virginia Renewable Energy Rebate Program opened its reservation period. Administered by the Virginia Department of Mines, Minerals and Energy (DMME), the program provides rebates for solar PV panel installations according the following formula:

  • $2.00/watt for the first 10 kW (AC PTC) of installed capacity
  • $1.75/W for the next 10 kW
  • $1.50/W for the next 10 kW (21 to 30 kW)
  • $1.25/W for the next 10 kW (31 to 40 kW)
  • And $1.00/W for each additional watt of installed capacity, up to a max of 200 kW

Funds will be reserved on a first-come, first-served basis — so if you’re mulling a solar PV panel installation, better get your butt in gear. If past experience in other states is any guide, these solar rebate funds will go fast.

Applicants must meet the program’s terms and conditions (PDF). Once you’ve reviewed them, the process starts with an online application form, which requests information on system type, system capacity, rebate levels and assurance.

Wind power systems are eligible for a rebate of $1,500/kW of installed, rated capacity. The Virginia Energy Efficiency Rebate program is worth looking into, as well — improving the energy efficiency of your home or business prior to or while installing solar panels is a great way to maximize the return and performance of your solar system.