Solar Rebates & Tax Incentives
Solar power pays off. Literally.
New Duke Rebates Up to $4,000
In addition to the 26% federal tax credit, you could get a rebate of up to $4,000 just for being a North Carolina public utility customer. Eligible residential customers can get a rebate of 40 cents per watt for installation of up to 10 kilowatts of solar capacity.The total rebate for residential solar total is limited to 5MW per year continuing through December 31, 2022. Duke Energy customers qualify, too!
A home solar system doesn’t just save you money on your month-to-month utility costs. You can also claim a federal tax credit of 26% of qualified expenditures for a U.S. home solar power system. Equipment expenditures are treated as made when the installation is completed. If the installation is at a new home, the “placed-in-service” date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and piping or wiring to connect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year.
In addition to the 26% federal tax credit, you could get a rebate of up to $4,000 if you are a Duke Energy or Duke Energy Progress customer. Eligible residential customers can get a rebate of 40 cents per watt for installation of up to 10 kilowatts of solar capacity. The rebate program is available through December 31, 2022.
Here’s a rundown of available tax credits and benefits for going solar:
- 26% for systems placed in service after 12/31/2019 and before 12/31/2022. Decrease to 22% in 2023 and 0% in 2024.
- There is no maximum credit for systems placed in service after 2008
- Systems must be placed in service on or after January 1, 2006, and on or before December 31, 2022
- The home served by the system does not have to be the taxpayer’s principal residence.
- Property tax abatement: 100% of the appraised value of the solar photovoltaic system is exempted from property tax. (Residential net-metered)
Does your home qualify? We can help you figure it out if you aren’t sure! Give us a call today (919) 459-4155