Thanks to North Carolina’s policies, incentives and programs surrounding photovoltaic energy, solar homeowners in the state are celebrating their reduced energy bills. Here’s a top five list of incentives that make NC one of the best places to go solar in the United States.
What are North Carolina’s best solar power incentives?
The top NC incentives for a residential homeowner to install solar panels are the following:
Duke Energy solar panel rebates
Duke Energy offers rebates to North Carolina customers who want to install a solar panel system. For homeowners, the program offers a $0.60/Watt rebate for systems up to 10 kilowatts. An average 6 kilowatt (kW) system would be eligible for a rebate of $3,600. There are also rebates available for nonresidential customers, worth $0.50/Watt up to $50,000, and for nonprofit customers, worth $0.75/Watt up to $75,000.
Duke Energy has run out of available funds for rebates in 2020. Solar customers can join a waitlist for the rebate.
Revolving loan options
Legislation enacted in NC allows for cities and counties to offer low-interest loans for solar panels and other energy upgrades. Thanks to this legislation, solar loan terms in North Carolina can be no longer than 20 years, have an interest rate cap set at 8 percent, and can easily be renewed.
Federal Investment Tax Credit
When you consider the recent extension of the federal ITC for solar, the horizon of incentives in North Carolina broadens even further. With so many state-specific NC incentives already in place, the added 26 percent cost reduction from the ITC is the cherry on top of major solar savings. Just make sure to keep in mind that the solar panel tax credit applies only to those who buy their PV system outright (either with a cash purchase or solar loan).
Other top financial rebates and incentives in North Carolina
State property tax exemption
A popular selling point for solar is that it increases your property value, but that can also result in higher property taxes. Luckily, for all NC solar homeowners who are using their systems for residential purposes (for no business or profitable intention), the value that solar adds to a property isn’t included in property tax assessments thanks to this property tax exemption.
Building permit rebates
If you live in the city of Asheville, you’ll get a rebate on your building permit when installing solar on both residential and commercial properties. Small solar incentives can add up!
Net metering in North Carolina
When you put solar panels on your roof, you want to make sure you get credit for all of the power your system generates. Luckily, North Carolina has a net metering policy that credits you for the extra electricity your system produces, and allows you to use those credits when your system doesn’t generate enough power.
Check out the top utility net metering programs in North Carolina: