There is no time like the present to install a solar power system in your home.
Rebates and incentives on both the state and federal level that can bring your total system cost down to a fraction of what it would normally be, at the same time saving you a significant amount of money each month.
Federal Tax Credit
A law, extended by the legislature in December 2015 that allows a taxpayer claim a credit of 30% of qualified expenditures for a solar system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer.
Expenditures with respect to the equipment are treated as made when the installation is completed.
Eligible expenditure include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. Put simply this means that generally the entire value of your quote from a solar company to install solar panels is eligible for the tax credit.
Rebates and Credits from NC Utilities
Subsidiaries Duke Energy Carolinas and Duke Energy Progress will offer residential customers installing a system of 10 kilowatts or less a rebate of 60 cents per watt.
Net Metering requires your utility to credit unused solar generation sent to the grid at retail value. Credit is carried forward at retail value to future bills when more energy is exported than drawn to the home in a month. In North Carolina remaining credit at the end of the yearly billing cycle unfortunately disappears without compensation however, atleast wiping out your power bill is made simpler.
The three major Investor Owned Utilities Duke Energy, Progress Energy and Dominion North Carolina Power are required to provide net metering. If you are serviced by a Coop or Municipality you will have to sign an agreement with North Carolina Green Power for $0.06/kWh and another agreement with your power company for on average an extra $0.04/kWh totalling a decent 10 cents per kWh. Your utility will will write you a check quarterly or annually for remaining credit. The average power price in North Carolina is 0.11/kWh meaning payback times on your investment vary little across the state.
This means that an 8-kilowatt solar system would qualify for a $4,800 rebate, significantly reducing up-front cost. The maximum rebate for a residential customer would be $6,000 (10kW system).
Contact Carolina Solar Store now to get started
Contact the professionals at Carolina Solar Store to get started along the road to energy independence.