Tax Credits and Incentives
For homeowners in North Carolina and South Carolina, an investment in solar PV is a savvy way of reducing their annual tax burden. Unlike standard deductions, solar PV is eligible for federal and state tax credits that are applied directly to the amount you owe rather than just reducing the income subject to taxes. To capture a tax credit for this fiscal year, a solar system must be installed by December 31.
There is a new utility rebate available if you live in Duke Energy territory. This rebate is dependent on the size of the system and will, on average, cut the price of your system by 20%. There is a limit to the number of systems that can be in this rebate program, so it is smart to act sooner rather than later if you are considering going solar.
Using rooftop solar to produce your own energy means buying less from the utility company, which means more money in your pocket. Depending on available roof space, energy usage and size of the home, most homeowners see savings of 40-75% on their power bills.
Traditional power sources (coal, gas, nuclear) are prone to the rising fuel costs that you as a homeowner have to bear year after year. Not so with solar. Because sunlight has no fuel cost, you can essentially lock in today’s rate of power for the rated life of a solar system–25 years.
Solar PV systems are a tangible way of showing your commitment to a sustainable future and reducing your environmental footprint. The ripple effect is profound: fewer emissions, cleaner air and water, generating your own power and more. As many of our customers say, “It’s just the right thing to do.”