With the deadline for tax filing quickly approaching, we’re getting a lot of positive feedback from our current and past customers – thanking us for saving them money during this time of the year. So, with that, we thought we’d take the time to highlight all of the money-saving benefits when it comes to going solar with your home.
Afterall, why pay taxes when you could pay for clean renewable energy with those dollars? So, if you’ve been interested in converting to a solar efficient home, but not quite sure what incentives are available to you, then this overview is for you!
Our team put together a list of the 6 leading money-saving benefits you could be taking advantage of with a solar energy friendly home in North Carolina. Check them out below!
1. Federal Solar Tax Credit
Did you know that no matter where you live in the United States, you can take advantage of the solar tax credits? In fact, the solar tax credit may allow you to take a non-refundable tax credit that is 26% of the full cost of the installation for systems placed in service after December 31, 2019 and before January 1, 2023. Energy storage systems like the Tesla Powerwall or Generac backup can take advantage of the tax credit if they are charged with solar.
Eligibility depends on the following factors:
• Owning or financing the system instead of leasing it
• Installing it at your primary residence, secondary residence or community project
• Installing the system between the start of 2006 and the end of 2021
• Using it for the first time in the tax year claimed
2. Duke Rebates
North Carolina allows public utility customers to access rebates up to $4,000 for adding solar power to their homes. To earn this rebate, customers receive 40 cents for every watt of solar capacity up to a limit of 10 kilowatts. There are two application periods, one in January and one in July. Unlike past years, the rebate is now a lottery, spreading the chance of awards.
3. Low-Interest Rates for Loan Options
Installing solar can be an incredibly cost-prohibitive venture upfront, but it can save thousands over the lifetime ownership of a home. To make it more financially accessible to all North Carolinians, there are many loan options available that offer terms resulting in a lower cost per month than your electric bill.
4. State Property Tax Exemption
When you install solar on your property, the price will increase. As more of your neighbors do the same, this also hikes up the price. The downside to higher property values is higher property taxes. In North Carolina, legislation exists that may exempt the portion of appreciation caused by solar from the property tax assessment.
5. Building Permit Rebates
Building permit costs can add up no matter where you build a home in America. In some forward-thinking cities, Asheville for example, you may become eligible for building permit rebates if you install solar. Both commercial and residential construction can become eligible.
6. Net Metering
In North Carolina some utilities, like Duke Energy, have impressive net metering options that allow homeowners to get credit for the excess power generated by their solar systems. This is especially important during the daytime when solar systems generate more power than your home uses or even more than your batteries can store.
Say Yes To Savings With Yes Solar
Yes Solar Solutions is leading North Carolina in providing energy storage capabilities for homeowners across the state, and we guarantee our work.
Contact our team online, or call us directly at (919) 459-4155 for a free, no obligation consultation to learn how we can help you, today!