North Carolina Solar Incentives, Tax Credits and Rebates – MarketWatch

Knowing which tax credits and incentives you may qualify for can help you estimate the costs and potential savings of going solar more accurately. Many solar installers can also help you learn about and apply for these programs. Here are the key ones in North Carolina.

Duke Energy Solar Rebate Program

Credit type: Utility company credit

Though Duke Energy services multiple states, its Solar Rebate Program is offered only in North Carolina. This program benefits residential, commercial and nonprofit customers. It can be hard to enroll because there’s usually a waiting list, but the benefits are worth it if you’re willing to be patient. Here’s what’s offered:

• Residential customers receive 40 cents per watt. That’s an average of $2,000 in savings for a typical 5 kilowatt (kW) system.
• Commercial customers get 30 cents per watt, up to a rebate of $30,000.
• Nonprofit customers get 75 cents per watt, up to a rebate of $75,000.

Visit the Duke Energy website to find out if you’re eligible and start the application process.

Property Tax Abatement for Solar Electric Systems

Credit type: State tax exemption

North Carolina offers a 100% property tax exemption for residential solar installations. With it, your annual property tax obligation will not increase even though your property value will. 

The property tax exemption only applies to active solar installations. Passive solar installations, such as greenhouses or sunrooms, are not exempt. The property tax exemption is 80% for nonresidential installations. Visit the North Carolina Department of Revenue website to see if you qualify.

Piedmont Electric Member Corporation Renewable and Solar Energy Loan Program

Credit type: Utility company loan

Members of the Piedmont Electric Membership Corporation (PEMC) may be eligible for a renewable energy loan to finance the purchase of a residential solar energy system. The loan also extends to members upgrading their homes to improve overall energy efficiency. 

Here are a few things the loan covers:

• Addition of an energy-efficient electric heat pump
• Additional insulation
• Central A/C systems
• Photovoltaic panels
• Solar water heaters
• Window and door replacement

Eligible members may qualify for a loan of up to $10,000 with a 7-year term at a 5% interest rate. Contact PEMC for more information.

PSNC Energy Green Building Rate Discount

Credit type: Utility rate discount

PSNC offers a discount to customers whose building or residence meets specific energy efficiency criteria. To qualify, residential customers must produce a statement from a registered professional confirming their home uses no more energy than an EnergyStar-certified home. Visit the PSNC website for more information.

This post was originally published on 3rd party site mentioned in the title of this site