04 Aug North Carolina Solar Incentives and Rebates
Solar Rebates and Incentives In North Carolina
North Carolina’s policies of incentives, and programs around solar photovoltaic energy and other renewables, are enabling consumers to enjoy subsidized power bills. This is a list of the top five incentives that make North Carolina one of the best solar places in the United States. North Carolina incentives for residential property owners to install solar panels are:
Duke Energy Solar Panel Rebates
Duke Energy offers rebates to North Carolina customers who want to install solar panel systems. For residential consumers, the program provides a $0.60/watt rebate for systems up to 10 kilowatts. An average 6-kilowatt (kW) system will be eligible for a $3,600 rebate. For non-residential consumers, the value is US$0.50/watt, up to US$50,000, and for non-profit consumers, the value is US$0.75/watt, up to US$75,000.
Duke Energy has used up funds available for rebates in the first half of 2021. Solar customers can join the waiting list for rebates.
Revolving Loan Options in North Carolina
North Carolina has decreed legislation that allows cities and counties to provide low-interest loans for solar photovoltaic panels and other renewable energy upgrades. Because of this legislation, the term of solar loans in North Carolina cannot exceed 20 years, the interest rate limit is at 8%, and it has an option on renewing.
The Federal Solar Tax Credit of North Carolina
Don’t forget the federal solar incentives! With the help of solar investment tax credits (ITC), you can reduce the cost of photovoltaic solar systems by 26%. Keep in mind that ITC is only available to people who purchase photovoltaic systems directly (through cash purchases or solar loans), and you must have enough income to receive a meaningful tax credit.
State Property Tax Exemption of North Carolina
A popular selling point of solar photovoltaic energy is that it increases the value of your property, but this can also lead to higher property taxes. Fortunately, for all North Carolina solar homeowners who use their systems for residential purposes (with no commercial or profit intentions), because of this property tax exemption, the value added by solar energy to the property is not included in the property tax exemption.
Building Permit Rebates In North Carolina
City of Asheville in North Carolina is providing a rebate on a building permit when installing solar photovoltaic system on commercial and residential properties. Other solar incentives can add up!
Net Metering In North Carolina
When you install solar photovoltaic panels on the roof, you want to make sure that all the electricity generated by the system goes to you. Luckily, North Carolina has a net metering policy that acknowledges the extra power generated by the system to your credits and permits you to use these credits when the system cannot generate enough electricity because of any uncontrollable reason occasionally.
Check out North Carolina’s top utility network metering plans: