Did you know that more than 7% of North Carolina’s electricity is generated from solar power? Solar energy use is growing substantially across the US, and North Carolina has sunny weather and solar incentives that make solar a worthwhile investment.
If you’re interested in switching to solar, you’re likely wondering about the total NC solar panel cost. It’s essential to understand the price is not so straightforward and largely depends on your total electricity usage and the rebates you’ll qualify for.
Keep reading this guide to learn everything you need to know about the cost of solar panels in North Carolina!
Table of Contents
NC Solar Incentives and Tax Rebates
Your first step is to take a look at the tax rebates and credits you’re eligible for.
In North Carolina, you can take advantage of net metering. Net metering is a billing system that will credit you for any extra energy your solar panels generate each month.
When you use net metering, you’ll pay for the net amount of energy you use and store the rest in the grid. You’ll receive an interconnection meter from your electric company, which measures how much energy you use at home and how much energy goes to the grid.
Property Tax Exemption
North Carolina also offers a property tax exemption known as the solar panel tax credit. You’ll be able to add an extra addition to your home, such as a solar energy system, and you won’t owe any taxes on it at the end of the year. You’ll also be able to enjoy the benefits of your home increasing in value.
Federal Solar Investment Tax Credit
You can also take advantage of the federal solar investment tax credit. If you pay cash or use a solar loan, you can qualify for 26% of the entire cost of your solar panel system, including labor, equipment, and permits.
It’s important to note that this federal tax credit rate will drop to 22% in 2023.
NC Solar Panel Cost
Now that you have an idea of the incentives and rebates that can offset your total solar cost, you’ll need to look at your energy usage.
To determine the total solar panel cost, you’ll need to gather your electric bills so a solar installation company can evaluate how many watts your household produces.
Solar energy systems are designed to accommodate your total average energy usage, so the total cost depends in part on how much energy you use daily. The amount of energy you use also determines how many solar panels you’ll need.
The solar installation company you choose will also need to evaluate things like how much roof space you have and how much sun exposure you get on average.
All in all, the average cost of solar panel installation in North Carolina ranges from $12,000 to $17,000. You’ll also have to factor in labor costs, equipment, and permit fees, which vary depending on the company you use and the city you live in.
You can click here to read on about solar costs and learn more about solar installation in the Greensboro, NC, area.
Start Saving Energy Today
Remember, the average NC solar panel cost varies and depends on many factors, but the money you’ll save long-term makes it well worth the initial investment.
When you’re looking for a solar installation company in North Carolina, make sure you do your research. Reputable solar installation companies will assist you with rebates and tax credits and thoroughly review pricing information with you.
For more helpful tips, check out our blog for more business, home, and finance articles!
