Are you thinking about going solar in the near future? If so, you’re not alone. Around 46% of US homeowners recently polled were also thinking about installing residential solar panels.
North Carolina is one of the best states to go solar, and there are plenty of NC solar benefits and incentives to help.
Learn about your options for financing a system, which rebates you might qualify for, and more below.
NC Solar Benefits
Why are residents in NC making the switch to solar energy? Here are just a few of the many benefits:
- Reduce your impact on the planet
- Lower your electric bills
- Home value goes up
- Solar is getting more affordable
- Rebates and incentives
North Carolina also has a net metering policy. This policy lets homeowners get credits for any extra electricity their system generates. Plus, they can use those credits when their solar PV system doesn’t generate enough power.
Tax Credits and Incentives
There are two primary solar incentives for NC residents: the Duke Energy NC Solar Rebate and the 26% Federal Solar Investment Tax Credit (ITC). Let’s break each one down in more detail.
Homeowners can claim the Investment Tax Credit on their federal taxes. You can claim 26% of the cost of your system.
To qualify, the system must be installed during that tax year. The IRS calls this “placed in service.” Congress recently extended the ITC, providing a 26% credit for any systems installed during 2020-2022.
Currently, this credit expires in 2024.
You can learn more about qualifications and rules for the tax credit to discover if you’re eligible.
Duke Energy Solar Rebate
The General Assembly of North Carolina passed House Bill 589, Competitive Energy Solutions for NC, in 2017. According to the bill, Duke Energy must reach 6,160 MW of utility-scale solar on its grid.
North Carolina homeowners can get a $0.60 per Watt rebate on systems up to 10kW.
This rebate program has a limited capacity and is a first-come, first-serve situation. You may not be able to count on it for any savings. In fact, there was a website glitch that left many customers without a rebate.
Solar customers may be able to join a waitlist. Other than these options, there are other ways for homeowners to save on a solar system.
Another option for financing NC solar panel installation is to consider taking out a loan. There are low-interest loans designed to increase interest in solar energy.
Solar loan terms for NC residents can’t be longer than 20 years. These loans can’t have an interest rate of more than 8%, making them a viable financial option for many homeowners.
Check out Blue Raven Solar to learn more about the many incentives and benefits, and install your system before these rebates run out!
Take Advantage of Solar
Many of these incentives and rebates will go down or run out as the years go on. Take advantage of NC solar incentives while they’re still around to make sure you get the most out of your investment.
Are you interested in other ways to lower your impact on the environment or increase the value of your home? Check out our other home and real estate tips!