An Abundance of Options for North Carolinian Solar Seekers

No matter the motivation, more and more Americans are seeking solar alternatives today. For some, inflation and a looming recession mean they want to save on energy costs. Others are more ecologically-minded and want to help protect our planet’s future.

No matter the motivation, solar-powered homes are more accessible than ever.

And for residents of North Carolina, it just got a little more affordable too.

Credits and Rebates

North Carolina has some of the most abundant options for tax credits or rebates to help save on solar. A little research reveals the sheer scope of options, but these are a few of the most popular:

Duke Energy Rebate Program

Duke Energy is available in several states but only offers a solar rebate to North Carolina customers. The program is wildly popular, and for this reason, it can be difficult to enroll. For those lucky enough to snag a slot, residential customers save up to $2,000, while commercial customers can rebate up to $30,000. You can check eligibility here.

Property Tax Abatement

North Carolina wants its residents to go solar, and they’re offering a hefty incentive to do so. With a 100% property tax exemption, your home value increase from installing solar will not impact your property taxes. More information is on the state’s Department of Revenue website.

Piedmont Loan Program

Piedmont Electric Membership Corporation customers could get a $10,000 7-year loan at a staggeringly low 5% interest rate (especially in today’s environment) in support of solar objectives. Covering more than just solar installation, the comprehensive support for energy efficiency extends to insulation installation, solar water heaters, and even window/door replacement. PEMC has more information on this cheap loan here.

PSNC Energy Green Building Discounts

This energy company offers rate discounts for buildings and homes that meet efficiency criteria. However, it must be certified as efficient as an EnergyStar home or better by a registered professional. For those willing to do the legwork, details are on PSNC’s website.

Additional Opportunities?

There are tons of other tax and rebate options, but North Carolina also participates in net metering. Net-metering lets you sell back unused energy from solar to reduce your electric bill further – so, not only are you saving with solar, but you can earn income from these sales. There are some restrictions, and you’ll need to ensure your system is set up and optimized for net metering.

Federal Funding

Accessing North Carolinian programs for solar doesn’t restrict federal options. The federal solar Investment Tax Credit directly chops your taxes by up to 30% of solar installation costs. This rate is available until 2032 and will decline to 22% in 2034 when the program ends.

Conclusion

With this plentiful bounty of solar opportunities, North Carolina residents can enjoy some of the best incentives to install in the nation. And, for those who want to turn a solar installation into an entire home remodel, refinancing is easier than ever.

Author:
Originally a Florida native, Jeremy relocated to Austin, TX on the heels of the pandemic for a change of scenery. An MBA graduate from the University of California – Davis, Jeremy loves putting his passion and academic background in investing and finance to use helping others achieve their goals. Jeremy’s favorite activities center around spending time with his wife and infant son.
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