City of Charlottesville Rocks! City of Charlottesville residents get a real estate tax credit for 5 years for the cost of their solar system! What does this mean? If your solar system costs $20,000, then your real estate tax assessment will be reduced by that amount for five consecutive years. The real estate tax rate is 1% so you save 1% of the cost of your solar system each year which amounts to a 5% system cost reduction over five years. This might sound like a small amount of money, but it adds up, increasing your ROI and shortening your payback period significantly. Thanks Charlottesville, we are proud to call you home.