We aren’t surprised that North Carolina is becoming a popular state for solar. Legislation is offering new policies and incentives in favor of solar energy, including competitive rebates. There are many reasons homeowners are going solar in the Old North State, but saving money and the environment are top of the list.
North Carolina homeowners can take advantage of the Renewable Energy Systems Sales Tax Exemption which exempts 80% of the appraised value of your system from property tax. Duke Energy and Dominion Energy currently offer net metering to eligible customers. Duke Energy has a competitive rebate program. Although it has reached capacity for 2021, it is expected to return in 2022.
North Carolina homeowners are also eligible for the Solar Investment Tax Credit (ITC).**** The ITC allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes.
Your solar system can help you save by avoiding high utility rates. North Carolina has a time of use (TOU) rate program. This means you may pay higher rates when you need energy the most. If you have batteries, you may not even need to use energy from the grid at night. With net metering, your utility company may actually pay you instead.
There are many reasons people go solar, but being prepared for outages is one of the most mentioned. In the case of a storm or other unforeseen weather, you may have a power outage. However, if you have a solar system with batteries, you may not be affected. You can continue to power your home with the excess energy in your power pack. Talk to your dealer about what batteries are the best fit for you.
North Carolina is full of beautiful parks, mountains, and lakes. Maintaining the state’s natural beauty and resources is a big reason to go solar. Every North Carolina homeowner that goes solar can help contribute to the reduction of greenhouse gas emissions, such as CO2.
North Carolina has TOU rates for homeowners. This means that your monthly bill can be difficult to predict. Solar can help make your monthly energy bills more predictable even with the varying TOU rates. If you offset* your energy consumption, you could help minimize your monthly bill.
A big reason homeowners decide to install a solar system is to reinvest in their home. A solar system can increase your home value and its sale price. The average North Carolina home is valued at approximately $225,740, that’s a 9.3% annual increase from the previous year.* Keep up with the rising home values by investing in your home instead of giving your hard-earned money to your utility provider.**
