2024 Solar Incentives Guide for Kings Mountain, NC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Kings Mountain.
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 Kings Mountain?
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 intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. These incentives might include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the state of North Carolina and some by your specific utility company, county or municipality. Types of solar incentives might include:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
- Solar Renewable Energy Certificate (SREC): In most cases, solar systems that produce over a threshold (generally small) amount of electricity can qualify for SRECs or similar performance-based incentives. SRECs and similar incentives are typically offered by your state government. SRECs can be sold to your utility company or another buyer, and generally the money you make is normally considered part of your taxable income.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying property tax on your house. They may also include exemptions on sales tax at the time of purchase.
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These could be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before calculating tax credits.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Kings Mountain utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other areas you might get refunded a percentage of the value.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a predetermined percentage of the cost of your solar system.
The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar panels have to have been installed after January 1, 2006, on a property owned by you for you to be eligible for the credit. The ITC originally paid out 30% of all costs (panels, accessories, equipment and labor), although the amount has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.
To better understand exactly how much the ITC could save you, contact your local Kings Mountain solar panel installer.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. Homeowners are now eligible for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The total credit will then be decreased by a few percentage points every year until the date of expiration. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit might apply to you, reach out to your local Kings Mountain solar installers.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Like with federal incentives, these may include rebates, tax credits and more. These solar incentives — which might be provided by the state of North Carolina, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Kings Mountain
You can receive solar incentives from the federal government and the North Carolina government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Contact your local solar panel installer today to find out more information and to save the most money possible on solar panels for your Kings Mountain home.
EcoWatch's Kings Mountain, NC Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
If your solar panels were 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 Kings Mountain solar installer, can help you learn what incentives you might want to apply for.
How much can I save on my electric bill annually if I add solar panels to my house in Kings Mountain?
On average, homeowners in Kings Mountain who install solar panels save approximately $922.30 per year, or about $17,523.73 over 20 years after making the switch.
What are the best solar panel installation companies near me?
To find the best solar panel installation companies near you, read our article on Kings Mountain's top solar panel companies.
What are some environmental benefits of installing solar panels on my home?
You can decrease your carbon footprint by 300 pounds of CO2 a year by installing solar panels. This adds up to around 6,000 pounds in 20 years. Solar is also a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can apply for?
The new Inflation Reduction Act includes provisions for multiple incentives designed to reward homeowners who make eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
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.