2023 Solar Incentives Guide for Rolesville, NC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Rolesville.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Rolesville?
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
Duke Energy Progress - Residential Energy Efficiency Rebate Program
Geothermal Heat Pumps: $400 + 50 with smart thermostat
Heat Pump Water Heater: $350
Attic Insulation & Air Sealing: $250
Duct Sealing: $100
Pool Pump: $300
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to encourage people to make the switch to renewable energy by providing incentives meant to 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 federally, while others are handled by the North Carolina government or by your specific utility company, county or municipality. Categories of solar incentives include:
- Net Metering: You can sign a net metering agreement with your Rolesville utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your utility bill each month.
- Tax Exemptions: These may come in the form of property tax exemptions, which can let you exclude the value of your solar system when calculating the taxes you pay on your home. You may also qualify for an exemption on sales tax at the time of purchase.
- Solar Renewable Energy Certificate (SREC): In most cases, solar systems that produce over a threshold (generally small) amount of electricity qualify for SRECs or other similar performance-based incentives. SRECs and performance-based incentives in general are typically provided 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.
- Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off the total price before tax credits are calculated.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
Federal Solar Incentives
Federal solar incentives are likely the first thing that you think of when thinking about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the best-known federal solar incentive. The ITC provides a tax credit for a specific percentage of the cost of your solar system.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed on a property you own after January 1, 2006 for you to claim the credit. The ITC initially covered 30% of all system installation costs (panels, equipment, labor and accessories), although the covered amount has fluctuated 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 amount you can claim.
Your local Rolesville solar panel installation expert can provide more information about the ITC and how it may apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit is valid until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit. The amount will be decreased slightly on a yearly basis until the end of the current program. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit might apply to you is to speak with your local Rolesville solar panel installation expert directly.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more might also be offered at the state and local level. Incentives may be handled by your county or municipality, or by the state of North Carolina. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Rolesville
There are a variety of solar incentives: those offered by the federal government, those offered by the North Carolina government and those offered by local utility companies, to name a few. Solar energy utilization has increased tremendously in the last 15 years, thanks to these incentives. Your local Rolesville solar panel installation expert can help you learn more about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Rolesville, NC Solar Incentives FAQs
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