In an era where environmental consciousness and energy efficiency are escalating, solar power emerges as a viable alternative.
But the question remains: Is solar worth it in North Carolina?
This article aims to answer that by delving into the economic and environmental aspects of solar energy.
Are Solar Panels Worth It In North Carolina?
Solar proponents laud its potential, but its practicality and profitability often hinge on several factors like geographic location and individual consumption patterns.
In North Carolina, a state boasting ample sunshine and conducive solar policies, investing in solar panels is increasingly attractive. Yet, a thorough examination – assessing installation costs, savings, incentives, and environmental impact – is critical for a comprehensive understanding.
What Are The Benefits of Solar Power in North Carolina
Get to know the advantages of going solar:
Solar Savings
In North Carolina, solar power offers significant savings for homeowners. With the annual power bill across the state, solar panels can cut down on these costs by converting sunlight into electricity for your home use. Depending on the size of the installation, the savings could offset your initial investment in a few years.
Environmental Benefits
Solar energy contributes to a sustainable environment. It’s a renewable resource, reducing our dependence on fossil fuels, and it’s emission-free – contributing to efforts to combat climate change. By installing solar panels, you contribute positively to North Carolina’s goal of attaining net-zero carbon emissions by 2050.
Increase Property Value
Investing in solar power isn’t just about saving on utility bills; it also increases the value of your property.
Studies suggest that homes with solar panel installations are viewed more favorably by potential buyers. Solar homes provide future homeowners with the prospect of decreasing electricity costs, making these homes more attractive on the real estate market.
Solar Incentives
North Carolina solar panels have several incentives for solar power users. These include federal tax credits, state rebates, and net metering policies which allow you to sell any excess power back to the grid. Exploiting these incentives brings down the initial cost, making it more affordable and attractive for homeowners.
Do Solar Panels Increase Your Home Value?
Yes, solar panels can significantly increase your home’s value. Modern home buyers increasingly view solar panels as a valuable addition to a home. A study from the Lawrence Berkeley National Laboratory found that, on average, solar panels can add about $4 per watt to a home’s value.
For homeowners in North Carolina, this could translate to a higher selling price. In a sun-soaked state like North Carolina, where solar panels produce efficient output, the increase in home value can be a great return on your initial investment. As a homeowner looking to get the best from your investment, going solar sets you up for substantial financial benefits in the long run.
How Long Do Solar Panels Last?
The lifespan of solar panels is often one of the key considerations when pondering a switch to solar energy. Fortunately, solar panels have quite a robust lifespan, backed by strong warranties from manufacturers. On average, modern solar panels last between 25 to 30 years before their energy production begins to degrade.
However, it’s essential to mention that a decrease in effectiveness doesn’t equate to an absolute cease in energy production. Panels would still produce energy but at a reduced rate, around 80% of their initial capacity, after the 25-year mark. With maintenance and care, your solar panels could continue to service your home’s energy needs beyond the assured lifespan.
Solar Panel Costs in North Carolina
The cost of installing a solar panel system can vary significantly based on several factors, such as size, type of panel, and the installation company. However, the average price ranges from $5,400 to $18,000.
While this may seem steep upfront, remember that there are several federal and state tax credits, as well as utility rebates, that can drastically reduce these costs.
North Carolina Solar Incentives
North Carolina offers several incentives for residential solar owners that can substantially lower the costs associated with solar installations and improve the return on investment.
Duke Energy NC Solar Rebate Program
The Duke Energy Solar Rebate Program provides incentives to its customers who install solar panels. Customers can receive up to $0.60 per watt for residential solar panel installations. For a typical 6 kW system, this could mean a rebate of up to $3,600, significantly offsetting the initial installation costs.
Property Tax Abatement for Solar Electric Systems
In North Carolina, according to law G.S. 105-275 (31/32), residential solar energy systems that generate electricity are excluded from being counted as part of a home’s value for property tax purposes. This means homeowners can escape the heightened property taxes usually associated with home value increases, all while still reaping the benefits of the increased home market value that solar installations confer.
North Carolina Net Metering Policy
Net metering is another beneficial policy that solar panel owners can take advantage of. When a solar panel system produces more energy than the home uses, the excess power is sent back to the grid. Through net metering, homeowners get credit for this excess energy at the same rate they pay to purchase power from the grid. Therefore, this acts as an effective cost-saving device against electricity bills.
Investment Tax Credit
The Investment Tax Credit (ITC), also known as the federal solar tax credit, allows solar owners to deduct a substantial portion of their solar system costs from their federal taxes. As of 2021, the ITC offers a 26% tax credit for systems installed in 2020 and 2021, and a 22% credit for systems installed in 2022.
How Much Does It Cost To Go Solar in North Carolina?
The cost of solar installation can vary depending on the size of the system, the type of solar panels, and the installation company. As mentioned earlier, the average cost for a 6-kW system is between $5,400 and $18,000 before any incentives or rebates. However, with available federal and local tax credits, net metering, and rebate programs, the final cost can significantly decrease, often resulting in substantial savings in the long run.
Which Solar System Is Right for Your Home?
Determining the right solar system for your home depends on a few key factors:
- Your Energy Consumption: The amount of energy you use monthly or annually will guide the size of the system you need.
- Your Roof’s Solar Potential: This refers to the amount of sunlight your roof gets. Factors such as the size, angle, and orientation of your roof can affect this.
- Your Budget: This, along with utility rates and available incentive programs, ultimately determines what size of system you can afford.
Consulting with a reputable solar energy company can help you navigate these factors and find the most efficient system for your needs.
How to Choose The Best Solar Panel Company in North Carolina
While there are various solar panel providers in North Carolina, finding the right one requires considering factors such as their reputation, certifications, warranties offered, and a track record of installations. A company like Construct Sun ticks all these boxes with their dedicated service and extensive experience.
Construct Sun is a leading provider of solar panel installation services, servicing the entire state of North Carolina. WE offer high-quality, durable solar panels and expert installation services. By choosing Construct Sun, homeowners not only gain access to top-tier solar equipment but also to a team of experts dedicated to designing a solar system that best fits their energy needs and budget.
Through Construct Sun, homeowners can take full advantage of North Carolina’s positive solar policies and incentives, ensuring an affordable transition to clean, renewable energy. With their tailored solar solutions, going solar is made easy, cost-efficient, and rewarding.
