Many factors come into play when it comes to the cost of solar panels NC. The growth of solar in North Carolina is largely due to the Renewable Energy and Energy Efficiency Portfolio Standard (REPS). The state provides strong regulatory support. There are also solar incentives to make solar energy more attractive to residents of the Tar Heel state.
How Much Has Solar Grown in North Carolina?
According to the SEIA, North Carolina has installed 7,132.3 MW of solar power equipment. NC currently ranks third in the United States. It produces enough solar energy to power nearly 860,000 homes.
Approximately 7.52% of North Carolina’s energy comes from solar power. This renewable energy source has created more than 6,100 jobs. In total there are over 200 solar companies in North Carolina. That includes manufacturers, installers, developers and related services.
Each solar company has made its contribution. To date, the total investment in solar power exceeds $10 billion. As a result, prices have fallen 43% since 2016. So far, the state has installed more than 22,000 solar panels in residential buildings.
What Are the Benefits of Solar Energy in North Carolina?
Energy cost savings and environmental impact are two driving forces behind solar panel installation in North Carolina.
Here are other benefits of turning to this renewable energy source:
- Cut your monthly electricity bill by 50 to 100%.
- Increase the value of your home by installing a solar panel system.
- Do your part to reduce the strain on the electric grid.
- Reduce air pollution from fossil fuels used to generate electricity.
- Support solar companies and jobs in North Carolina.
Why Does Solar Energy Makes Sense in North Carolina?
You can look for a solar calculator online but here’s a simple calculation to show the benefit of installing solar panels in NC. North Carolina has approximately 212 sunny days per year. This is well above the national average of 205. That gives you plenty of reason to embrace solar panel installation in North Carolina.
According to Current Trends, North Carolina has an average of 62% sunshine and about 2,821 hours of sunlight to take advantage of per year. Learn more about solar panel savings in the sections below.
How Does Solar Energy Work in North Carolina?
Installing solar panels in North Carolina makes more sense than ever. Solar panels enable you to harness the power of the sun and use it to generate enough electricity for your home. These panels have photovoltaic cells connected together in rows. Each cell consists of thin layers of semiconductive silicone or a similar material. You can also connect solar panels to create an array to produce even more electricity.
Sunlight hits the silicon material and releases electrons that, in turn, create electricity. An inverter converts the direct current to an alternating current. AC is required to safely power your appliances, lights and electronics.
In many cities in North Carolina, if you have extra power, you can sell it back to the grid for a profit.
What is the Average Cost of Solar Panels in NC?
As of August 2021, the cost of solar panels NC equates to $2.64/W. There are many different types of solar panel, including ones that come in different sizes. As an example, a 5 kW solar panel costs between $11,220 and $15,180. Therefore, the average system cost is $13,200.
However, after deducting the 30% Federal Investment Tax Credit (ITC) and other solar incentives, you save thousands of dollars.
Your total cost for solar panels in North Carolina also depends on the following factors:
- Types of solar panel installed
- Financing costs
- Available space on your roof
- Your energy consumption
- Roof type and age
- Labor costs for solar panel installation
- The average payback period for a solar system installation in North Carolina ranges is six years.
Are There North Carolina Solar Tax Credits and Incentives?
Do you want to save money on your federal taxes and utility bills? Simply take advantage of the following NC solar tax credits and incentives.
30% Federal Investment Tax Credit
When you file your taxes after purchasing a solar panel, you can take advantage of a 30% federal income tax credit. Let’s say you pay $25,000 for solar system installation. Your actual cost after the tax credit equals $17,500. It is a great time to take advantage of this incentive.
NC Duke Energy Solar Rebate
Duke Energy offers a rebate to North Carolinians who invest in solar panels. You can save $0.40 per watt. The maximum is 10,000 watts. So, you can save up to $4,000.
State Property Tax Exemption
By increasing your property value, your solar panels can also increase your property taxes. However, North Carolina homeowners can deduct the value added by their solar system from their property tax assessments.
Net Metering in North Carolina
Solar energy, like other energy sources, has its pros and cons. For example, if the sun isn’t shining your solar panel cannot generate electricity. Fortunately, North Carolina has adopted a net metering policy. That means that you get credit for the electricity generated by the solar panels on your roof.
So, you receive credit for extra electricity fed back to the grid when your solar system doesn’t generate enough power for your needs. Dominion Energy and Duke Energy have the best net metering programs in NC.
Same Top Service and Quality for All Our Solar Products
Solar systems increase your home’s value. North Carolina solar panels from Solar Energy World come with a warranty of up to 25 years. You also receive 24/7 live monitoring to track the performance of your panels. With a solar battery backup, you can guarantee electricity for your family, even if there’s a power outage.
Call us at 866-856-4580 to learn more about our solar panels and to receive a customized solar estimate.