Switching over to solar energy is an exciting move for North Carolina residential homeowners. The use of solar energy can benefit both the environment and the homeowner’s pocketbook. North Carolina is a great state for solar energy, and numerous resources are available to assist residential homeowners in making the transition.
When home owners switch to solar energy, they can expect to see a decrease in their monthly energy bills. Furthermore, the purchase of a solar panel system is often eligible for local and state tax credits, which can offset some of the cost.
In addition, North Carolina offers several incentives to make switching over to a solar panel system more affordable. From loan assistance to solar tax deductions to economic programs, the state of NC encourages homeowners to go solar.
Solar Energy Programs in North Carolina
North Carolina a wide variety of solar energy programs. The NC GreenPower Renewable Energy Program encourages individuals to donate to a fund to support solar projects in the state. Financial institutions also offer loan assistance to help defray the cost of solar panel installation.
In addition, the NC Clean Energy Technology Center offers a variety of assistance measures to help lower the cost of solar energy installation, including energy assessments, grant programs, financial incentives, and more. Resources like the Database of State Incentives for Renewables & Efficiency (DSIRE) are also available.
Tax Deductions and Credits for Solar Energy Installations
North Carolina offers numerous tax deductions and credits to encourage home solar installations. The federal government will reduce your tax burden by 30% of the total cost of a solar rooftop installation. Homeowners may also qualify for the federal Investment Tax Credit (ITC) up to 30%.
State and local incentives are also available in North Carolina. Homeowners may save up to 35% of the cost of their solar panel installation on their state tax returns. The NC Conservation Tax Credit offers a 35% tax credit up to $2,500 in approved conservation projects.
The NC GreenPower Renewable Energy Program grants a 25% tax credit up to $1,000 to those who make a donation to support solar energy programs in North Carolina. This donation is based on the amount of energy a customer is purchasing through a solar panel system each month.
Solar Energy Incentives and Benefits
- Reduction in monthly energy bills.
- Local and state tax credits.
- Eligibility of incentives and benefits from the state of North Carolina.
- Solar energy purchase available through the NC GreenPower program.
- Tax deductions and credits through the Investment Tax Credit (ITC) and the NC Conservation Tax Credit.
- Financial assistance and grant programs through the NC Clean Energy Technology Center.
Switching to solar energy can be an exciting and economically-beneficial move for North Carolina residential homeowners. From loan assistance to solar tax deductions to economic programs, the state of North Carolina offers many incentives and resources for the homeowner interested in making the transition.