The Energy Transition Initiative has partnered with the Virginia Department of Energy to develop a new online tool to help local governments compare their options for generating tax revenue from utility-scale solar installations. Local governments can choose between applying the current default option, the Machinery and Tools (M&T) tax/real estate tax rate on solar energy equipment, or adopt by ordinance the newer Revenue Share option by which they can receive income from solar facilities at a flat rate of up to $1400 per megawatt of generation capacity per year.
The Virginia SolTax Model is a free tool that enables a locality to run customized, hypothetical scenarios and compare the financial outcomes under each tax strategy. For more information, please contact Elizabeth Marshall at emm2t@virginia.edu or view the February 17, 2021 Virginia SolTax Model webinar, hosted by ETI and Virginia Energy, below.
In anticipation of the February webinar, ETI Principle Scientist Arthur Small sat down with WINA NewsRadio Host Les Sinclair to discuss the Virginia SolTax Model.