North Carolina Solar Incentives and Rebates
North Carolina is known for its sunny skies and warm climate, making it an ideal location for solar energy production. The state offers a variety of rebates and incentives to encourage residents and businesses to install solar panels and other renewable energy systems. These incentives can help offset the cost of installing solar panels, making it more affordable for homeowners and businesses to switch to clean, renewable energy.
The Federal Investment Tax Credit in North Carolina
One of the most significant incentives available to North Carolina residents and businesses is the Federal Investment Tax Credit (ITC). The ITC is a federal tax credit that allows homeowners and businesses to deduct 22% of the cost of installing a solar energy system from their federal taxes. This can be a substantial savings and can help make solar energy more affordable for many people.
State-Level Tax Incentives in North Carolina
North Carolina used to offer a state tax credit for solar energy systems, but this credit was discontinued in 2015. However, the state still offers a variety of other incentives to encourage residents and businesses to install solar panels. For more information on these incentives, you can visit the North Carolina Department of Environmental Quality’s website at https://deq.nc.gov/energy-climate/state-energy-office/energy-projects/solar-and-community-solar-programs
State-wide solar initiatives in North Carolina
One of the most popular incentives in North Carolina is the Duke Energy Solar Rebate, which offers rebates to homeowners and businesses that install solar panels. The rebate is $400 per kilowatt, up to $4,000 for residential customers. Additionally, Duke Energy also offers a financing program for renewable energy and energy efficiency, which allows customers to pay for their solar panels over a period of 20 years.
In addition, many local governments in North Carolina also offer incentives for solar energy. For example, the City of Ashville offers building permit rebates for homeowners who install solar panels or other green energy technologies. Some local incentives include SRECs which are Solar Renewable Energy Credits and can be sold to utilities to meet state renewable energy goals.
It is important to note that North Carolina does not conform to state rules on Modified Accelerated Cost Recovery System (MACRS), which is a federal tax depreciation schedule that can provide additional savings for businesses that install solar panels.
State-wide tax exemptions in North Carolina
North Carolina offers a state-wide tax exemption for renewable energy systems. Homeowners and businesses can receive an 80% exemption on the value of their solar panels. This can be a significant savings for homeowners and businesses that are considering installing solar panels.
State-specific laws on Solar Easements in North Carolina
North Carolina does not have any specific laws on solar easements, which are legal agreements that protect a property owner’s right to access sunlight for the purpose of generating solar energy. However, property owners can still enter into private agreements with their neighbors to protect their access to sunlight for solar energy production.
Net Metering in North Carolina
The power generated by solar panels in North Carolina is credited through a process called net metering. Net metering allows homeowners and businesses to receive credits on their utility bills for any excess solar energy they generate. This excess energy is sent back to the utility grid, and the homeowner or business is credited for the energy they produced. This can help offset the cost of electricity and make solar energy more affordable.
Benefits of Going Solar in North Carolina
There are many benefits to going solar in North Carolina. Solar energy systems can generate enough power to meet a significant portion of a home or business’s energy needs, which can lead to lower electricity bills. Going solar can also improve home resale value. Homes and businesses with solar energy systems are often more desirable to buyers and can sell for a higher price.
North Carolina is an ideal location for solar energy production, with its sunny skies and warm climate. The state offers a variety of rebates and incentives to encourage residents and businesses to install solar panels, including net metering, and Federal Investment Tax Credit. In addition, going solar in North Carolina can also have many benefits such as reduced electricity bills, increased property value, improved home resale value, and tax incentives.
FAQsHow much sun does North Carolina get?
North Carolina experiences an average of 205 sunny days per year.
Are there incentives for installing solar in North Carolina?
Yes, North Carolina offers a variety of incentives for installing solar, including net metering, tax credits, and a renewable energy portfolio standard. Find out more at SolarEmpower.
What is the average cost of solar in North Carolina?
The average cost of installing solar in North Carolina is $3.60 per watt, or around $18,000 for a 5kW system. Rad expert review of verified solar installers in North Carolina at SolarEmpower.
How much energy can I generate with solar in North Carolina?
The amount of energy you can generate with solar in North Carolina depends on the size and orientation of your system. On average, a 5kW system can produce around 6,000 kWh of energy per year.
Is it possible to go off-grid with solar in North Carolina?
Yes, it is possible to go off-grid with solar in North Carolina. However, additional batteries and other equipment may be required to make the system work properly.