North Carolina Tax Credit For Solar Panels

North carolina solar power overview.

North carolina tax credit for solar panels. The energy improvement and extension act of 2008 extended the tax credit to small wind energy systems and geothermal heat pumps effective january 1 2008. Click any of the boxes below to go to that section of the page or scroll down to read the page in order. Unfortunately the north carolina solar tax credit which paid back 35 of the installed cost of your system expired on december 31 2015 so it is too late to take advantage of that tax credit. You can claim the credit for your primary residence vacation home and for either an existing structure or new construction.

Federal investment tax credit. As a credit you take the amount directly off your tax payment rather than as a deduction from your taxable income. For those whose solar was installed before dec. The tax credit along with other state polices encouraging renewable energy helped make north carolina one of the top states in the nation in solar farm capacity the news observer has reported.

Residents of the palmetto state can claim 25 percent of their solar costs as a tax credit and if you don t pay enough in taxes to get the full value of the credit in one year it. Established by the energy policy act of 2005 the federal tax credit for residential energy property initially applied to solar electric systems solar water heating systems and fuel cells. When you consider the recent extension of the federal itc for solar the horizon of incentives in north carolina broadens even further. North carolina is an excellent state for solar panel installations.

A combination of high sun exposure the federal tax credit net metering plus local and utility incentives means that homeowners get a great return on investment by installing residential solar panels in the tar heel state. Finally the solar incentives section includes information about money back rebates and grants tax credits and tax exemptions for going solar in north carolina. Thanks to this legislation solar loan terms in north carolina can be no longer than 20 years have an interest rate cap set at 8 percent and can easily be renewed. South carolina solar energy tax credit cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy.