Going solar is more than just a trend. It’s an investment in living greener, having energy independence from the grid, and saving money on your electric bill. When you have a solar panel system installed into your home, it offsets utility costs by producing your own renewable energy. On top of that, there are many programs in North Carolina that will offset the initial costs of going solar. Here we’ve rounded up North Carolina solar incentives and other ways North Carolinian homeowners can save money when they switch to a cleaner form of energy to power their home with a solar installation.
North Carolina Solar Incentives
1. Duke Energy Solar Rebate Program
Check for the rebates and incentive programs that local energy companies allot for their electric customers. Duke Energy customers who are looking to go solar may be eligible to participate in the company’s North Carolina Solar Rebate Program. Under the program, residential customers can earn a $0.60/Watt rebate per watt – for up to $6,000! They also have deals for nonresidential customers and nonprofits.
The program is first come, first serve, but check to see if you qualify for the waitlist and if you meet the eligibility requirements.
2. Low Interest Loans for Solar Panels in North Carolina
In North Carolina, there are policies that will allow for individual counties and cities to offer low-interest loans for renewable energy upgrades, such as solar panels. Enjoy the perks of this policy, such as an interest rate cap set at 8 percent, solar terms no longer than 20 years in North Carolina, as well as easy to renew terms .
3. North Carolina State Property Tax Exemption
As you may have heard or guessed, installing solar panels greatly increases the appraised value of your property. It even makes your home sell 20 percent faster than a home without a solar system.
Normally, a downside of increased property value would be increased property taxes. But not when it comes to solar in North Carolina. 80 percent of the value of your solar panels is exempt from property taxes, thanks to this government ruling.
4. Building Permit Rebates
If you know where to look, there are tons of North Carolina Solar incentives and rebate opportunities. Some rebates may be small but mighty, and they always add up. For example, in the city of Asheville, NC, if you’re installing solar power systems on residential or commercial properties, you can get a rebate on your building permit!
5. Net Metering Programs in North Carolina
One of the best parts about going solar is getting paid to do so. You can already save money through solar panels, but did you know you could make money as well? Through a process called “net metering,” you can sell your excess back to your energy company when your home produces more energy than you use. North Carolina utility companies that partner with Sunpro Solar for net metering include Duke Energy Carolinas, Duke Energy Progress, Dominion North Carolina Power, and more. Read on for additional details about net metering for North Carolina solar panels.
6. Federal Solar Tax Credit
The Federal Government offers one of the best incentives for going solar — the Federal Solar Tax Credit. Through the end of December 2022, they are offering a 26 percent federal tax credit on the purchase of solar panels. Also known as the Investment Tax Credit, or ITC, this credit on your federal taxes can easily offset a large portion of the investment you put into upgrading to solar electricity for your home. It’s vital that you take advantage of this tax credit soon, as the credit percentage decreases for taxpayers beginning January 2023, and disappears completely in 2024.