Solar Energy Can Be Affordable With Incentives
How did the Duke Energy Solar 2020 Rebate come about? As a part of the Competitive Energy Solutions bill signed in 2017, this rebate gives both residential and business customers more opportunities to utilize solar power. Last year, it provided over $6 million in rebates distributed to 1,300 customers.
For customers served by the Duke Energy and Duke Progess Energy utilities, the Duke Energy Solar Rebate can make a significant difference in the net cost of a solar system. Combined with federal incentives and the decreasing cost of solar itself, clean energy is becoming more and more accessible for homes and businesses. Choosing a respected solar company like Yes Solar can help customers identify what the investment looks like.
2020 Duke Energy Solar Rebate Application
For the first time in the last three years of rebate application, the Duke Solar Rebate was fully subscribed in less than 20 minutes. We attribute this partly to the national solar companies that flooded the N.C. market once they mobilized to take advantage of the rebate. In the first year of the rebate, it took days to sell out and almost every Yes customer was awarded as applied for. In the second year it sold out in hours, but again our customers largely got their rebate checks. We credit the excellent coaching from our Finance and Administration team to our customers throughout the year for how to apply: email reminders, steps involved, screenshots.
In 2020, Duke Energy’s application site crashed, and hundreds of applicants landed on the waitlist even when they applied within minutes of the opening. Duke has advised anyone who is on the waitlist and did apply in that first 20 minutes to send any proof of applications: screenshots, timestamps, etc. It will be another way we will be coaching our customers for the 2021 application.
Solar Rebate Waitlist
There is, however, a waitlist, so both residential and nonresidential applicants can still apply to be added to it. There are people who applied for the rebate not knowing if they would actually move forward with solar. A change in plans, lack of capital, moving from a house means dropping off the waitlist, opening spots for others. Planning now for the 2021 rebate is a good idea too! It can still reduce a home solar system by up to $6,000 since residential customers are eligible for a rebate of 60 cents/watt for solar installations that are 10 kilowatts or less. A commercial building could save up to $50,000 at 50 cents a watt up, or a non-profit up to $75,000, both for 100kW or less.
Federal Solar Investment Tax Credit in 2020… And Decreasing Soon
The Federal Solar Investment tax credit is a key federal incentive that supports the growth of solar energy in the US, both commercially and residentially. In fact, according to the Solar Energy Industries Association,
“The residential and commercial solar ITC has helped the U.S. solar industry grow by more than 10,000% percent since it was implemented in 2006, with an average annual growth of 52%”
This has created hundreds of thousands of jobs and invested billions of dollars in the U.S. economy, notably including North Carolina itself. As Environment North Carolina’s 2018 study finds, North Carolina has ranked third in solar energy production growth and, as reported by the News & Observer, there are 1,000 clean energy companies in the state, with over 34,000 full-time jobs and $6.4 billion in annual revenues. Under the Federal Solar ITC, both residential and commercial products are eligible for a 26% tax credit for solar energy projects.
What does this mean to the customer? In 2021, the federal tax credit for homeowners and businesses goes from 26% down to 22%, another good reason to plan a solar project in 2020. In 2022, it goes down again to 10%, at which it stays for the foreseeable future. Although the Duke Solar Rebate is not guaranteed, especially since each year it has been more difficult to qualify for it, the 12% loss of the ITC more is more incentive to go solar in 2020. The DSIREUSA website has more information on the tax credit.
MACRS Bonus Depreciation Savings
Thanks to the Tax Cuts and Jobs Act of 2017, bonus depreciation was increased to 100% for any qualified property that was acquired and placed in service between September 27, 2017 and January 1, 2023. As the NC Clean Energy Technology Center explains it, under the Modified Accelerated Cost-Recovery System (MACRS), established in 1986, businesses may recover investments in certain property through depreciation deductions”. Solar property is a part of this, which means that for commercial projects, there could be even greater savings than the Federal Solar ITC provides.
Now that you have an idea of how affordable solar can be, what are the next steps? Besides contacting a reputable local solar company like Yes Solar Solutions?
Our Process— Step-by-Step:
1. Start with a Call
At the beginning of your solar energy journey, getting all the information you need is key. That’s why we recommend giving our team a call, so we can take a look at your roof via satellite imagery and walk you through your solar options. Because we custom design every solar system we create, learning about you and your energy needs is paramount. By partnering with us, even in the initial research process, we can right-size a solar energy solution so that you offset as much energy as you can while providing an unbeatable payback securing your investment. Even if you do not qualify for the Duke Solar Rebate, we can make sure you get the greatest possible savings.
Energy storage is fast becoming the issue everyone is talking about, and it may be part of your goals and part of our conversation. Tesla Powerwall is leading the way in backing up solar, and Yes Solar Solutions was the first solar company to be certified by Tesla.
2. Prepare for a Site Visit
After our discovery call and we know what your goals are and your budget is, and we have looked at your roof, we’ll schedule a site visit. That way, beyond satellite imaging, we can take a look and talk about the solutions needed in person. Here, we will also solidify pricing and can discuss financing options if that is a consideration. We will meet to find what will work best for you in getting the Duke solar rebate and forging your brighter, more sustainable future.
3. Claim Your Spot in Line
Once we’ve sorted out pricing and established a solar energy plan, we can start scheduling out the installation. Currently, we are scheduling installations that will be eligible for the 2020 waitlist & the 2021 Duke Energy Solar Rebate. Once the contracts are signed, we can start planning your project and get you on the schedule. At every step of the process, our team can provide all the details necessary to ensure you receive that rebate. After installation is complete, you’ll be ready to start producing clean renewable energy, while offsetting your energy bills.
Ready to Get Started?
If you’re ready to start working on getting your Duke Energy Solar Rebate or other NC solar incentives, our team is ready to help you get up and running. We’re dedicated to delivering expert solar energy consulting and premium-quality solar power system installation services to homeowners, businesses, nonprofits, municipalities, and government and military agencies throughout the Carolinas. A certified Green Plus company, and the first NABCEP-accredited company on the East Coast and the only one in the Carolinas, we set solar industry standards, make solar accessible, and guarantee the power of independence.
Contact us here to get started!
Bonus: Become a Solar Advocate!
In addition to getting started with sustainable solar energy, we also offer a referral program. We offer $500 for any customer that refers someone to us that buys solar. You can learn more about our referral program here.