The January 2023 NC Solar Rebate Program
Whether you want solar panels at your home or business, this one-time rebate can help make going solar more affordable. Duke Energy had originally intended for 2022 to be the last year of the Solar Rebate, however, with a very limited supply of 1079 kW (amount subject to change) remaining from unreserved nonprofit capacity, Duke has announced that they will open a final application period for any eligible customer type to apply between Jan. 11, 2023, 9 a.m. ET and Jan.18, 2023, 9 a.m. ET. This will be the final application period for this program, so you won’t want to miss it!
Please review all the eligibility requirements, specifically your project must have a completion date (meter installation date) no earlier than Oct. 13, 2022. We will keep the waitlists from this application period until all of the rebates have been paid out. Applications will be randomly selected for rebate reservations or for waitlist positions when the capacity is exhausted.
How It Works
By now, most Duke Energy customers know the solar rebate has become a lottery, with applications being randomly selected. The upside, is that it is no longer first-come-first-served, dependent on who applied in the first few minutes of the application period. Now, everyone applying has the same chance if they apply during the week-long window of Jan. 11 through Jan.18, 2023. However, you should keep in mind that for this application period, supply is very limited! If you do win the rebate lottery, your system will have to be installed by June 15, 2023.
You can apply for a rebate reservation even before installing your system, but you will need a project ID which you receive when submitting an Interconnection Request. Yes Solar can submit the design plan and interconnection request to Duke on your behalf for a few hundred dollars, and provide you with your Duke ID number and all the instructions for how to apply for the rebate. If you do receive the rebate, you can decide at that time whether to go ahead with your project. There are some excellent reasons to go forward too, even if you don’t get the rebate or get on the waiting list.
Why Go Solar
Solar panels are a clean source of power and are safe for you and your family. They don’t produce noise or other irritants and don’t harm the environment. Solar solutions don’t require fuel to run, so you never have to worry about how much fuel costs or how much you can access to keep your home running. Because they operate on power from the sun, the energy is essentially free after the panels are installed.
Solar can also increase the value of your home and freeze your electricity rate forever, which is becoming even more valuable as Duke Energy Progress formally asked North Carolina utilities regulators in October 2022, to let them raise electric customer rates starting next year. Under the proposal, Duke Energy Progress would seek a cumulative rate increase of 16%, with an 18.7% increase for residential customers starting October, 2023. A typical Duke Energy Progress residential customer would see their monthly bill rise from $126.43 per month to $141.15 in late 2023, with smaller increases in 2024 and 2025 to $151.98.
There is little dispute now that climate disasters also affect the cost of energy. Energy storage like the Tesla Powerwall is an excellent backup for solar panels, as they store the power you’ve accrued through sunnier times in case of a power outage. When the power goes out, your battery starts working automatically, so there’s no scrambling to set up a generator or acquire fuel to get things back up and running. Tesla even has a storm warning system that can help you prepare for oncoming weather. As long as you get some sun, your solar panels can charge your batteries indefinitely, and support whatever loads are most critical. Pairing your solar system with a battery backup system allows you to become even more resilient against the weather changes that we have already been seeing.
The Easiest Way to Go Solar
The Inflation Reduction Act added some very significant incentives (almost $375 billion) for homeowners, businesses, and governments to invest in solar, storage batteries, and electric vehicles. The goal of the Inflation Reduction Act is to reduce the country’s greenhouse gas emissions by 40% in the next decade. The Act increases the current solar and battery storage tax credit to 30% and extends it for 10 years.
If you don’t have the cash to pay for solar upfront, or you would rather take your time, Yes Solar can install your solar system with an 18-month same-as-cash option, and you can enjoy all the benefits of solar for a year and a half, and pay for solar after you get the tax credit.
With all the new financing options for both solar and energy storage, there has never been a better time to invest. Let us know how we can help make your solar dream a reality!
About Yes Solar
Yes Solar Solutions has been the leading local solar company for almost 15 years, founded and locally-owned by Stew and Kathy Miller. Being the only NABCEP-accredited solar company in North Carolina, Yes Solar has earned a reputation for integrity, quality, and responsiveness. Contact Yes Solar or give us a call at 919-804-1490 today for a free and accurate estimate for your own solar system!