2023 Solar Incentives Guide for Conover, NC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Conover.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated May 04, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Conover?
Duke Energy - NC Solar Rebate Program
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
Catawba County - Green Construction Permitting Incentive Program
Existing structures installing geothermal heat pumps, PV, solar water heating, or gray/rain water collection: 50% rebate
Plan review for commercial buildings seeking LEED certification, Energy Star, and/or NC HealthyBuilt Homes: 50% rebate
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. You might qualify for various types of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of North Carolina and others from the federal government. Categories of solar incentives include:
- Tax Exemptions: Your solar panel system could qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your home.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from the total price before any tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
- Net Metering: Don't forget to talk to your Conover utility company about signing a net metering contract. This will allow you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for money that typically becomes part of your taxable income. Generally, you must meet a certain (small) threshold of energy production before your solar system qualifies for SRECs or other performance-based incentives. Incentives like these are normally handled by your state government.
Federal Solar Incentives
When you think about solar incentives, you likely think of federal incentives first. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a specified percentage of your solar system's cost.
The ITC was originally for 30% of the cost of installing solar panels, and has fluctuated slightly over the last few years 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 accessories, labor and equipment. There is no maximum amount you can claim. 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.
Curious how the ITC might apply to your specific situation? Contact your local Conover solar panel installer to get more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar installation projects started after January 1, 2022 and completed by the end of 2032. After this, the credit percentage will decrease slightly each year until the program expires in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. Your local Conover solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
There are more than just federal solar incentives; rebates, tax credits and more may be offered at the local or state level. These incentives may be offered by the North Carolina government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Conover
There are many kinds of solar incentives: those provided by local utility companies, those provided by the federal government and those provided by the North Carolina government, to name a few. Solar energy use has increased enormously in the last 15 years, partially thanks to these incentives. Reach out to your local solar panel installation company today to find out more information and to save the most money possible on a solar system for your Conover home.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Conover, NC Solar Incentives FAQs
How can I find out if I qualify for solar incentives?
It's a smart idea to get in touch with your local Conover solar installer to get an understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those given by the state of North Carolina, may have additional requirements.
How much can I save on my electric bill annually if I add solar panels to my Conover home?
Generally, homeowners in Conover who install solar panels save about $956.13 per year, or about $18,166.54 over 20 years after they make the switch.
What are the environmental benefits of switching to solar?
Solar energy is renewable — by changing where you get your energy, you help lessen the strain on our planet's resources. Solar panels can also lower your home's CO2 emissions by 300 pounds yearly, or around 6,000 pounds over 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can apply for?
With the passage of the new Inflation Reduction Act, there are several new financial incentives that are available when you make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are receiving, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to confirm that you are claiming the correct incentives and that you're getting the most money you can.
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.