2024 Solar Incentives Guide for Apex, NC - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Apex?

Source: https://www.dsireusa.org/

The phrase "solar incentives" refers to financial incentives designed to encourage increased use of renewable energy by making installing and using solar panels more affordable. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are offered by the state of North Carolina or by your specific utility company, county or municipality. Types of solar incentives might include:

• Solar Renewable Energy Certificate (SREC): SRECs and similar other performance-based incentives may be available to you if your solar system produces more than a specified (typically small) amount of electricity. Performance-based incentives are normally handled by the state government. You can sell any SRECs you have to your utility company or other buyers, and the money you make is generally considered part of your taxable income.
• Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when calculating property tax for your home.
• Rebates: Solar rebates might be provided by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you pay for a solar system and before tax credits are calculated.
• Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the government. Tax credits are different from tax deductions.
• Net Metering: Net metering factors in once your solar panels are up and running. If you have a net metering agreement with your Apex utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other places you might receive a refund equivalent to a percentage of the value.

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Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some knowledge of. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on your solar system.

The ITC can be applied to the total cost of installing solar panels, including the panels themselves as well as accessories, equipment and labor. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.

Contacting your local Apex solar panel installer is the best way to learn more about how the ITC may apply to your situation.

In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners may be eligible for a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.

Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit applies to you, get in touch with your local Apex solar installation expert.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more might be available at a more local level. These incentives might be given out by your county or municipality, or by the North Carolina government. Certain incentives are ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Apex

You can apply for and receive solar incentives from the federal government and the North Carolina government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Call your local solar panel installation expert today to learn more and to save as much money as possible on a solar system for your Apex home.