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Guide to Solar Tax Incentives in North Carolina

Reduce your solar setup expenses through tax credits and incentives. Discover how the specialists at 8MSolar can guide homeowners and businesses in accessing these financial benefits!

,   and  ASMedia
3 min read
Solar tax reductions and incentives can aid in reducing costs for your next solar installation....
Solar tax reductions and incentives can aid in reducing costs for your next solar installation. Determine how the experts at 8MSolar can assist homeowners and businesses!

Guide to Solar Tax Incentives in North Carolina

solar power enthusiasts in North Carolina won't be left in the dark, as various credits and incentives are available for homeowners and businesses eager to make the switch. While the federal Solar Investment Tax Credit (ITC) remains a significant boon, North Carolina adds its own touches to sweeten the deal.

Federal Solar Investment Tax Credit (ITC)

The ITC continues to shine as a beacon for solar adopters, offering a 30% tax credit on residential and commercial solar installations. This federal tax break covers purchases made as recently as 2032, with smaller reductions slated for 2033 and 2034. Homeowners can claim the ITC during the year they purchase and install solar panels, while businesses can qualify under Section 48. Commercial businesses can even boost the tax credit by meeting new labor standards, which may result in an additional 24% credit.

Duke Energy PowerPair Rebate

Duke Energy offers a remarkable rebate for residential solar systems, granting up to $9,000 in combined rebates for eligible solar and battery storage systems. This offer is first-come, first-served, so don't delay if you want a piece of the action.

Property Tax Abatement for Solar in NC

Since 2008, North Carolina has granted homeowners a property tax abatement for solar installations, exempting their increased home value due to solar systems from taxes. Commercial property owners can profit from a portion of this abatement as well.

North Carolina Solar Loans

Several financing options are available for those looking to offset the upfront costs of solar installations. For instance, Piedmont Electric Membership Corporation (PEMC) provides special loans for members to finance their solar systems up to $10,000 at 5% interest for seven years. Electel Cooperative Federal Credit Union offers energy-efficient loans at a low cost, with 100% financing available for solar system purchases.

Net Metering

Net metering allows solar system owners to sell any excess energy produced back to the grid, earning credits that can be applied to their monthly utility bills. Residential and most commercial systems are eligible for net metering in North Carolina, but keep in mind that credits expire at the start of the summer billing period.

Other Solar Incentives in NC

Additional incentives may be available depending on your location or solar installer. Two notable programs are the NC WAP Community Solar Partnership and Duke Energy's SmartRebates, both geared toward low-income residents and offering cost savings on solar installations.

With the ever-changing landscape of solar incentives, it can be challenging to stay current. That's where 8MSolar comes in, offering expert guidance to help you navigate solar incentives in North Carolina and maximize your savings. Whether you're a homeowner or a commercial business, our team can help you find the incentives you're eligible for and streamline the application process. Get in touch today to learn more about how we can help you harness the power of solar!

Resources:

  1. NC Solar Center - North Carolina Sustainable Energy Program
  2. Duke Energy - PowerPair
  3. Solar Investment Tax Credit (ITC) Information Center
  4. Section 48 ITC Credit Summary
  5. Congressional Research Service - Clean Energy Tax Incentives
  6. The federal Solar Investment Tax Credit (ITC) offers a 30% tax credit on both residential and commercial solar installations, a significant boon for those making the switch to solar power.
  7. Duke Energy, in North Carolina, provides a remarkable rebate for residential solar systems, granting up to $9,000 in combined rebates for eligible solar and battery storage systems.
  8. North Carolina offers a property tax abatement for solar installations, exempting homeowners from taxes on the increased home value due to solar systems, and commercial property owners can benefit from a portion of this abatement as well.
  9. Various solar incentives are available in North Carolina for homeowners and businesses, including solar loans that help offset the upfront costs of solar installations, net metering that allows solar system owners to sell excess energy back to the grid, and additional incentives dependent on location or solar installer.

In addition, navigating these incentives can be complex, but experts like 8MSolar can help maximize your savings by guiding you through the ever-changing landscape of solar incentives in North Carolina.

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