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

In this guide, we'll cover the latest solar incentives and rebates available in Belmont.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Belmont solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Duke Energy - NC Solar Rebate Program

Incentive Type:
Rebate Program
Residential: $0.60/W-AC
Nonresidential: $0.50/W-AC
Nonprofit: $0.75/W-AC

Local Option - Financing Program for Renewable Energy and Energy Efficiency

Incentive Type:
Loan Program

Local Option - Green Building Incentives

Incentive Type:
Green Building Incentive
Authorized by legislation for green buildings. Actual permit process to be determined by local government.

Active Solar Heating and Cooling Systems Exemption

Incentive Type:
Property Tax Incentive
No more than conventional equipment

EnergyUnited (Electric) Residential Energy Efficiency Program

Incentive Type:
Rebate Program
Heat Pumps (15 SEER): $150/unit
Heat Pumps (16 SEER): $300/unit

NC GreenPower Production Incentive

Incentive Type:
Performance-Based Incentive
Varies by technology and system size
PV larger than 5 kW: must enter bid process
Wind up to 10 kW: $0.09/kWh
Wind larger than 10 kW: must enter bid process

Duke Energy (Electric) - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Central Air Conditioning or Heat Pump: $300 - $400 + $50 with added smart thermostat
Geothermal Heat Pump: $400 + $50 with added smart thermostat
Heat Pump Water Heater: $350
Attic Insulation or Attic Air Sealing: $250
Duct Sealing: $100
Variable-Speed Pool Pumps: $300

Property Tax Abatement for Solar Electric Systems

Incentive Type:
Property Tax Incentive
Residential systems: 100% of the appraised value
All other systems: 80% of the appraised value

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


Solar incentives help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are designed to encourage more Americans to switch to renewable energy. Various types of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be offered by the North Carolina government, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:

  • Rebates: Rebates, or cash back after a purchase, are typically given prior to any solar tax credits being calculated. Rebates may be provided by your local utility company, by your county or by your state.
  • Net Metering: Be sure to talk with your Belmont utility company about signing a net metering contract. This allows you to get a credit towards your utility bill every month for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
  • Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
  • Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions let you ignore the value that your solar panels add when you calculate the amount of property tax you need to pay on your home.
  • Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives might be available to you if you have a solar system that produces more than a specified (generally small) amount of electricity. Performance-based incentives are generally handled by the state government. You can sell SRECs to your utility company or other buyers, and the money you receive in return is normally considered part of your taxable income.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

Federal Solar Incentives

When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. One of the incentives many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of your solar system's cost.

The ITC can be applied to solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. You can receive this credit for solar panels installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.

To know exactly how much money the ITC could save you, speak with your local Belmont solar panel installation expert.

In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit; the amount will then decrease slightly on a yearly basis until the end of the current program. Starting in 2023, it will also be easier to claim credits for energy storage systems under this new program.

More information about the new Inflation Reduction Act can be found here. Your local Belmont solar panel company can answer any questions you have and explain how the new Clean Energy Credit may apply to you.

State & Local Solar Incentives

There are more than just federal solar incentives; rebates, tax credits and more might also be offered at the local or state level. The incentives — which may be handled by your county or municipality, or by the state of North Carolina — could be offered on an ongoing basis, or for only a limited time.

Next Steps for Installing Solar in Belmont

There are a number of different solar incentives: those provided by local utility companies, those given by the federal government and those provided by the North Carolina government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially thanks to these incentives. Your local Belmont solar panel installation company can give you more information about which incentives you might qualify for, and get you on track to switch to renewable energy today.

EcoWatch's Belmont, NC Solar Incentives FAQs

How can I learn if I qualify for solar incentives?

Typically, solar incentives apply to:

  1. a new solar panel system
  2. installed on property that you own
  3. within the U.S.
  4. between the dates specified by a particular incentive.

Specific incentives, including those run by the North Carolina government or by your county/municipality, might have additional qualifications. Talk to your local Belmont solar installer to find out what incentives your project will qualify for.

If I already have solar panels, can I still claim incentives?

If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your system, or any local Belmont solar installer, can help you learn more about what incentives you might want to apply for.

How much will a solar system save me on my electric bill in Belmont annually?

When you add solar panels to your Belmont home, you can expect to save around $948.87 per year, or around $18,028.57 over 20 years.

Who installs solar panel systems near me?

To find the right solar panel installer for you, check out our guide to Belmont's top solar panel companies.

Can I use solar and another type of renewable energy in combination to power my home?

You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you talk through your plan with your local Belmont solar installer. They can help you plan your project and also help you understand the various incentives that you will or won't qualify for.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

Follow us