North Carolina Solar Power at a Glance

North Carolina Solar Power at a Glance
8

Electricity costs

0.0/10

Renewable Portfolio Standards

10.0/10

Solar Carve Out

10.0/10

Net Metering

10.0/10

Interconnection

10.0/10

Performance Payments

10.0/10

Incentives/Rebates

10.0/10

State Tax Credits

10.0/10

Property Tax Exemption

10.0/10

Sales Tax Exemption

0.0/10

Pros

  • Lower range of electric prices
  • Renewable Portfolio Standard
  • Solar Carve Out Program
  • Net Metering Program
  • Interconnection Policy
  • Performance Payments Program
  • Incentives/Rebates
  • State Tax Credits
  • Property Tax Exemption

Cons

  • Sales Tax Exemption

Solar Power in North Carolina

North Carolina Solar Power

Introduction

North Carolina is another one of those states that have been truly committed to renewable energy. The majority of those who supply energy have met the goals that were put in place by the Renewables Portfolio Standards. This has caused a slow down in the incentives. The residents here however, are intent on realizing the savings that solar energy systems can bring, so the use of Solar Power North Carolina systems is still on the rise. In regards to the price of electricity here the residents pay eleven cents kwh, and this puts them in the 37th position nationwide.

Average Costs of Going Solar

In this state for a 5 kW solar system the initial cost is $20,000 but off of this $8,769 in incentives/rebates can be deducted leaving the homeowner with a first year cost of $11,231.

Savings for Solar Power North Carolina

On the average monthly electrical bill the residents now enjoying solar power can enjoy a savings of $57. and a home increase value of $13.728.

Payback Periods for North Carolina Solar Systems

The payback period is 8 years.

Return on Investment On Solar Electric System

Residents can expect a 13.1% return on investment.

North Carolina Solar incentives

Current North Carolina Legislative Environment For Solar

When it comes to the Renewable Portfolio Standard this state is 25th in the nation. Their goal is 12.5% use of renewable energy resources by 2021.
When it comes to the Solar Carve Out, the state has made a small commitment of 0.2% by 2019. This ranks it as the 14th best throughout the nation.
The State has a fairly good interconnection program in place.

Incentives Available For North Carolina Solar

This state has a Solar Performance Payments program in place. It is rated as #16th throughout the nation for this. The program allows residents to gain Solar Renewable Energy Credits where they have a few options of who they want to sell these to.

North Carolina Net Metering

Net metering is in place for this state. Any excess energy that is generated is given a credit in the following month’s bill. However unused credits get transferred to the utilities companies at the start of the summer with no compensation.

North Carolina Solar Energy

Rebates / Tax Credits

The Solar Power Rebates that North Carolina offers is the 14th best in the nation and is done through the Duke Energy Progress program which offers $250/kW rebate on the purchase of the system then added to this there is a credit of $4.50/kW on each months bill.
As of 2016 the State no longer offers a State tax credit.
Of course there is also the 30% no limit Federal tax credit.
For property tax exemption regarding the North Carolina solar systems the State offers a 80% exemption.
There is no sales tax exemption in place.

Summary:

While the loss of the State tax credit took place at the end of 2015 and was a big hit to those who as yet had not taken advantage of the North Carolina solar energy benefits, there are still plenty of other reasons to do so. The short pay back period is really impressive, and being able to reduce the electrical costs each month are just two important reasons for going Solar.