There’s a reason so many customers are switching to solar energy in North Carolina; it’s more financially rewarding than ever with solar panels saving homeowners an average $1800 per year. And if you’re a business owner? You can save even more! At 8MSolar, we can help you make the switch and find the perfect solar energy tax credit or rebate for you.
Besides the benefits of lower electricity bills, you can save even more by applying for federal, state and local tax rebates that offset the cost of your solar panel installation. .
Net metering allows you to essentially “sell” any unused solar power you generate back to the national grid and local utility companies, so not only will you save big on electricity bills, but you can actually profit from solar power!
NC offers a property tax abatement program to eliminate tax increases resulting from the addition of a solar system, with 80% of a solar energy electric system's appraised value being tax-exempt
If you invest in a residential solar installation, you can receive 30% of your bill back come tax time. For example, if the total cost of your PV system is $24,000, then you owe $7,200 less on your federal taxes
North Carolina solar incentives first started as a result of House Bill 589 in 2017. With this bill, clean energy advocates created a way to incentivize individuals to choose solar in North Carolina. The bill’s purpose is to minimize switching costs by offering local rebates for individuals seeking affordable clean energy.
As of 2022, there has been an increase in federal tax credit for solar energy installations and assets from 26% to 30%.
You can also enjoy an 80% tax exemption on solar energy additions for your property tax and local NC tax incentives, which our experts can advise you on. Get in touch today to learn how you can save with the latest tax credit programs.