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

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

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

Solar incentives are designed to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. Various kinds of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be handled by the state of North Carolina, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:

• Net Metering: Don't forget to talk to your Eden utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
• 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 allow you to exclude the value added by your solar panels when you are calculating property taxes on your home.
• Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are normally handled at the state level. Once your solar system meets the threshold (usually 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.
• Rebates: Solar rebates might be provided by your state or county, or by your local utility company. These rebates are essentially partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.

Best Solar Financing

Blue Raven Solar

★★★★★

4.5

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

Get Estimate

Outstanding Regional Installer

Renu Energy Solutions

★★★★★

4.5

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

Get Estimate

Best Technology

Tesla Energy

★★★★★

3.2

• Price-match guarantee
• Sleek, efficient, and durable solar panels
• Best solar battery on the market
• Some reported issues with customer service
• Customer service varies by local dealer

Get Estimate

Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have some knowledge of. You might have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.

The ITC applies towards solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. You can receive this credit for solar panels installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.

To understand exactly how much the ITC could save you, speak with your local Eden solar panel installer.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Under the new program, solar installation projects started after January 1, 2022, and completed by the end of 2032, may be eligible for a 30% tax credit. The amount of the credit will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit might apply to you, speak with your local Eden solar installers.

State & Local Solar Incentives

Some solar incentives are often also provided by state and local governments. Like with federal incentives, these could include rebates, tax credits and more. Some incentives are ongoing, while others are available for a limited time. These incentives may be given by the North Carolina government, or by your county or municipality.

Next Steps for Installing Solar in Eden

There are a number of different solar incentives: those given by local utility companies, those given by the North Carolina government and those provided by the federal government, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially thanks to these incentives. Speaking with your local Eden solar panel installation expert is a great first step towards getting the most money possible when you switch to solar energy.