Renewable Portfolio Standards
Congratulations, North Carolina, you’ve met your Renewable Portfolio Standards! The mandate required utilities to produce 2% of their aggregate capacity from a renewable energy source. That doesn’t mean there are no longer competitive solar incentives for you to put to use.
RPS Solar Carve-Out For North Carolina
When it comes to solar carve-out, once again North Carolina met its goal! Solar carve-out refers to the percentage of Renewable Portfolio Standards that needs to come from solar power. North Carolina’s was .02%.
Another perk for all those looking to go solar: North Carolina offers net metering! Net metering is a system that allows customers to offset the cost of power that they draw from the utility. When your renewable energy system produces more power than what you need, that excess is sold to the grid, which panel owners see as a credit on their power bill.
Statewide Interconnection Standards
Thanks to North Carolina’s interconnection standards, it is easier for utility companies to offer net metering to residents, as there are more set, transparent guidelines for everyone to follow!
North Carolina offers a variety of state energy rebates. Team up with Duke Energy Progress for a potential rebate of up to $250/kW on the installation of your solar system.
If you opt for the Tennessee Valley Authority, you may be eligible for a payment of $1,000 after your system has been installed. This is thanks to the Tennessee Valley Authority Green Power Provides program.
Combine an energy rebate with the Federal tax credit and the property tax exemption, and there’s nothing stopping you from going solar!
Solar Power Performance-Based Incentives (PBI)
The incentives aren’t over yet, North Carolina! Solar Power Performance Payments are also available. What are solar power performance payments? They’re incentives that are based on the metered power system that you use. You can earn Solar Renewable Energy Credits based on the number of kilowatt-hours that are generated by your solar system.
Property Tax Exemptions
Another reason to go solar? The property tax exemptions that the state offers for installed solar systems!
Federal Tax Credit
Owners of a solar energy system can also put the Federal tax credit to use. The solar Investment Tax Credit allows owners to deduct a massive 26 percent of the system’s cost from Federal income taxes. That percentage will decrease as time goes on, so act early to get the maximum benefit amount!