North Carolina is a perfect state for solar panels, but the upfront costs for their purchase and installation can be painful to the budget. To avoid this, take advantage of solar incentives in North Carolina.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
Solar laws in North Carolina oblige electric utilities to offer net metering. It allows residential solar owners to put the excess electricity into the utility grid instead of storing it with batteries. When you sell your solar power to the grid, you receive credits that can be used to offset your next bills. Their value is determined according to avoided cost rates set forth by the North Carolina Utilities Commission. Once a year all unused credits expire.
Renewable Energy Credits are certificates granted to any person or entity upon generation of each MWh of clean electricity. Unlike with net metering, you don’t need to sell any electricity to get credits. There is one platform in North Carolina that allows you to store and sell them: NC-RETS. The value of RECs is always changing, which makes them similar to stock market assets. Keep in mind that the utilities will own your RECs unless you use a time-of-use demand (TOUD) tariff.
A solar PV system installed in a home increases its value by about 4%, says the Zillow report. You could end up paying higher property taxes in other states, but not in North Carolina. According to state laws, 100% of the value added as a result of a solar PV system installation should be exempt from property tax as non-business personal property.
4%
this is how much solar panels increase the value of your house
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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