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Solar Electric
Solar Panels have never been a better investment than they are today. Installing a photovoltaic system on your home or business is a great investment for a number of reasons. It can be used as a potential source of income, gives the homeowner energy independence, offers lower utility bills, and increases the value of the home among others. Solar panels are more efficient today than they have ever been and with incentives from the government and most major utility providers, the return on investment comes sooner than ever. Below is a rundown of some of the incentives provided by the government and utility providers in North Carolina:
For those selling their clean green power, the North Carolina Green Power Fund negotiates and pays power producers (up to 10kW systems) an incentive of $0.15 /kWh. Utilities offer an additional incentive called an avoided cost revenue of $0.04/kWh for clean energy producers.
The NC State Tax Credit is 35% to a maximum of $10,500. Effective 2009, the cap for the Federal Tax Credit is no longer $2000 for residential and is unlimited at 30% tax credit of system installation costs. A federal tax (basis of around 34%) must be paid on any NC state tax credit received.
For a commercial application (if you were to establish your energy generation plant as a business), the maximum tax credit for NC is 35% or $2.5 million for commercial or industrial applications; the federal incentive is 30% with no maximum. IRS rules allow commercial renewable energy systems to be depreciated over an accelerated 5 year period. Please consult with your tax professional on commercial tax credit and accelerated depreciation issues.
A great website to glean a more full understanding of tax incentives for energy efficiency and renewable energy and interconnection agreements is at: www.dsireusa.org
