In recent years, homeowners across the country have searched for ways to live greener lifestyles. For many, solar panels are the symbol of such a lifestyle. Although there are other ways to reduce your carbon footprint, solar energy is among the most environmentally-friendly options.
However, although solar panels have become more affordable in recent years, they remain a costly investment. As such, it helps to live in a state that offers solar incentives to help homeowners purchase their panels.
If you live in North Carolina, you may wonder about the NC solar program. How much can it help you with a solar installation?
If you’re wondering that, you’ve come to the right place! We’ll explore the advantages of the NC solar program in the guide below.
Receiving the Federal Solar Investment Tax Credit
The first thing to know as a North Carolina resident is that you still qualify for the 26% tax credit from the federal government. This tax credit first appeared in the Energy Policy Act of 2005 and is scheduled to remain in place throughout 2022. Next year, it will decrease to 22%.
This tax credit removes 26% of the final price from your solar panels. So, let’s say you purchase a $20,000 system. You could deduct roughly $5,000 from that figure with this tax credit!
However, note that most solar panel systems include the tax credit in their market cost. As such, it helps to participate in a state program. Doing so can lower your solar panel installation cost even further.
Duke Energy Rebate for Homes
Fortunately, North Carolina residents may receive access to the Duke Energy Solar Rebate. This rebate stems from House Bill 589, a bill collaborated upon by Duke Energy and the North Carolina legislature.
How does the rebate work? Homeowners in Duke Energy territory become eligible by installing solar panels on their houses. This rebate is worth 40 cents for each watt, up to 10,000 watts.
As such, the maximum rebate value is $4,000. However, don’t get too excited yet. The rebate has an annual cap, so people receive it through a lottery.
There are two enrollment periods for this program. One, unfortunately, passed on January 5th. The other enrollment period is on July 6th.
The Competitive System
Since there’s an annual cap on this program, it’s become increasingly competitive in the last four years. As such, even if you apply, there’s no guarantee that you’ll receive the Duke Energy Rebate.
So, does that mean you shouldn’t join the NC solar program? Not at all!
Although it may be difficult to receive the rebate advantage, several North Carolinians have done it. If you decide to enroll, you won’t lose out on anything.
So, why not take the gamble? It could potentially save money on your solar panels in the long run.
Learn More About the NC Solar Program Today!
The NC solar program has helped lower the cost of several systems across the state. So, do more research to decide if the NC solar program is right for you.
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