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

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

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 Hope Mills 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

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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 Hope Mills?

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.

Duke Energy Progress - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Central A/C or Heat Pump: $300 - $400 + 50 with smart thermostat
Geothermal Heat Pumps: $400 + 50 with smart thermostat
Heat Pump Water Heater: $350
Attic Insulation & Air Sealing: $250
Duct Sealing: $100
Pool Pump: $300

Active Solar Heating and Cooling Systems Exemption

Incentive Type:
Property Tax Incentive
No more than conventional equipment

Four-County EMC - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Heat Pump Water Heater: $300/unit
Clothes Washer: $50/unit
Clothes Dryer: $50/unit
Dishwasher: $50/unit
Refrigerator: $50/unit
Freezer: $50/unit
Heat Pump (16 SEER or higher): $100/ton
Solar Water Heater: $1,000/unit

EnergyUnited (Electric) Residential Energy Efficiency Program

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

South River EMC - Solar Water Heating Rebate Program

Incentive Type:
Rebate Program

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

South River EMC - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Pool Pump: $50
ENERGY STAR Appliances: $10/appliance
Heat Pump Water Heater: $200
Solar Water Heater: $150
Air Sealing: $75 (Single Family Homes); $100 - $200 (Manufactured Homes)
Attic Insulation: $75
Duct Sealing: $100 - $200
Roof Insulation: $100 - $200
Floor Insulation: $100 - $200
3rd Party Weatherization: $200
Air Source Heat Pump: $200/unit
Electric Furnace: $400 - $500/unit
Geothermal Heat Pump: $250
Ductless Mini-Split Heat Pump: $200 - $400
HERO Homes: $200 - $600
Smart Thermostat: $20

Lumbee River EMC - Residential Weatherization Loan Program

Incentive Type:
Loan Program
Ground source heat-pump - $17,000
Air-source heat pump - $8,000
Thermal windows and doors - $4,000
Storm windows and doors - $2,000
Insulation (floors, ceilings & walls) - $2,000
Installation/sealing of ducts - $2,000
Attic ventilation fans - $500
Foundation vents - $500
Solar water heater - $7,000
Heat pump water heater - $7,000
Marathon water heater - $2,000
Efficient steel water heater - $500

Lumbee River EMC - Residential Energy Efficiency Program

Incentive Type:
Rebate Program
Air sealing: $25
Duct sealing/replacement: $50
Insulation: $100
HERO Home: $200
Central A/C: $15 or 5.90% interest rate for a loan
Heat Pump: $60 or 5.80% interest rate for a loan
Geothermal Heat Pump: $250 or 5.60% interest rate for a loan

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 are intended to encourage people to make the switch to renewable energy by offering incentives that lower the financial burden of solar panel installation and use. Incentives can include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are provided by the North Carolina government or by your utility company, county or municipality. Types of solar incentives might include:

  • Net Metering: Net metering factors in once your solar system is up and running. If you have in place a net metering agreement with your Hope Mills utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you might get refunded a percentage of the value.
  • Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (This is different from a tax deduction.)
  • Tax Exemptions: These can come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying taxes on your home. They may also include exemptions on sales tax at the time of purchase.
  • Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce more than a predetermined (generally small) amount of electricity qualify for SRECs or other performance-based incentives. SRECs and performance-based incentives in general are typically offered at the state level. You can sell SRECs to your utility company or another buyer, and this is usually considered part of your taxable income.
  • Rebates: Solar rebates can be offered by your state or county, or by your local utility company. These rebates work as cash back that is applied after you pay for solar panels and before tax credits are calculated.

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

Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.

The ITC is applied to the total cost of solar system installation, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. 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.

Curious how the ITC might apply to your specific situation? Contact your local Hope Mills solar panel installer to get more information.

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. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can apply for a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems with the new act.

More information about the new Inflation Reduction Act can be found here. Your local Hope Mills solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it will apply to you.

State & Local Solar Incentives

In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more might be available at a more local level. Certain incentives are ongoing, while others are available for a limited time. Incentives may be provided by the North Carolina government, or by your county or municipality.

Next Steps for Installing Solar in Hope Mills

Solar incentives may come from your local utility company, the North Carolina government or the federal government. The large number of available solar incentives has contributed to a large increase in solar energy use in the last 15 years. Talking to your local Hope Mills solar panel installation expert is an excellent first step towards getting the most money possible when you switch to solar energy.

EcoWatch's Hope Mills, NC Solar Incentives FAQs

How much can I save on my electric bill annually if I add solar panels to my house in Hope Mills?

After adding solar panels to your house in Hope Mills, you can anticipate savings of about $958.90 per year, or around $18,219.11 over 20 years.

What are some environmental benefits of installing solar panels on my home?

You can lower your carbon footprint by 300 pounds of CO2 a year by installing solar panels. This adds up to approximately 6,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.

When does the federal solar tax credit end?

The Clean Energy Credit (previously referred to as the federal solar tax credit, or the ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?

The order in which incentives are applied may vary depending on which incentives you are eligible for but typically yes, you can receive multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to make sure you are claiming all the incentives you're eligible for and applying them in the correct order.

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.

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