2024 Solar Incentives Guide for Boone, NC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Boone.
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.
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What Solar Tax Credits, Incentives, and Rebates are Available in Boone?
Duke Energy - NC Solar Rebate Program
Nonresidential: $0.50/W-AC
Nonprofit: $0.75/W-AC
Property Tax Abatement for Solar Electric Systems
All other systems: 80% of the appraised value
Active Solar Heating and Cooling Systems Exemption
EnergyUnited (Electric) Residential Energy Efficiency Program
Heat Pumps (16 SEER): $300/unit
Duke Energy (Electric) - Residential Energy Efficiency Rebate Program
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
NC GreenPower Production Incentive
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
Local Option - Financing Program for Renewable Energy and Energy Efficiency
Local Option - Green Building Incentives
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are offered by the state of North Carolina or by your utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when calculating property tax for your home.
- Net Metering: You may be able to sign a net metering contract with your Boone utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
- Rebates: Solar rebates may be offered by your county or state, or by your local utility company. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are typically handled at the state level. Once your solar system meets the threshold (typically a small amount of energy production), you can receive SRECs that can then be sold to your utility company or other buyers. The money you make is usually considered part of your taxable income.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
When thinking about solar incentives, federal incentives might be the first thing that comes to mind. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a predetermined percentage of the money you spend on your solar system.
The ITC initially applied to 30% of the cost of solar panel installation, although that number has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum claim amount. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
To find out exactly how much money the ITC could save you, speak with your local Boone solar panel installation expert.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it the Clean Energy Credit). Homeowners are now eligible for a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. Your local Boone solar panel installer can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these may include rebates, tax credits and more. Some incentives are ongoing, while others are offered for only a limited time. Your local incentives may come from your county or municipality, or from the North Carolina government.
Next Steps for Installing Solar in Boone
Solar incentives might be offered by your local utility company, the federal government or the North Carolina government. The growing number of available solar incentives has contributed to a large increase in solar energy use in the last 15 years. Getting in touch with your local Boone solar panel installation company is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Boone, NC Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
In most cases, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the North Carolina government or by your county/municipality, might have additional qualifications. Get in touch with your local Boone solar installer to discover what incentives your project may qualify for.
If I already have a solar system installed on my house, can I still claim incentives?
Your best bet is to talk to someone from the company that installed your solar system – or get in touch with a local Boone solar installer — to clarify which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will a solar system save me on my electric bill in Boone annually?
Once you add solar panels to your house in Boone, you can anticipate savings of about $873.98 per year, or approximately $16,605.57 over 20 years.
Who installs solar panels near me?
To find the best solar panel installers near you, take a look at our article on the top solar companies in Boone.
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.