If you live in South Carolina and Duke Energy Carolinas or Duke Energy Progress is your electric utility provider, please take time to read this and research it further now if you’re even remotely interested. I wish I lived in SC to take advantage of these savings! Right now in South Carolina, by combining the Federal and SC State tax credits and the Duke Energy rebate, final out of pocket costs for a solar PV installation can end up only being around 20%. Check out the links below for more detailed information.
Federal Tax Credit: 30%
SC State Tax Credit: 25%
Duke Energy Carolinas SC Rebate: $1 per watt-DC
Duke Energy Progress SC Rebate: $1 per watt-DC
Here’s an example to illustrate these potential savings. If your solar system size is 6.250kW and costs $25,000 up front:
Federal tax credit: – $7,500
SC tax credit: – $6,250
Duke Energy rebate: – $6,250
Final out of pocket cost: $5,000
At this final out of pocket cost, the break-even point coming from the savings in your electricity bill could happen as soon 5 years. With most solar panels still producing energy after 25-40 years, that means many years of positive returns.
Please Note: These figures above are directional only to serve as an example. Your figures will vary depending on the solar installer, size of system, type of products, and the financing/payment method you choose; your system’s location (regarding orientation, angle, and any shading that could impact production); your tax situation – be sure to consult a tax advisor; and if you receive the Duke Energy rebate before it ends.
Duke Energy and a qualified solar installer can provide you with more details on this rebate program. You can call Duke Energy at 866.233.2290 regarding this program. The Duke Energy Carolinas program is currently in the 2nd of 3 capacity blocks for this program. The 2nd residential block ends once they reach 6000kW installed – currently, it has reached 1957kW. Per the Duke Energy Carolinas website:
– “Once the second capacity block is filled, we will open a third capacity block at which time we will also reassess the rebate incentive dollar level. Please check back frequently for updates.”
– “To qualify for this first-come, first-served solar photovoltaic (PV) rebate program, you must be a Duke Energy customer located in South Carolina and own or have rights to the property where the solar arrays will be installed and used. You must be the account holder and be on a concurrent electric retail rate with Duke Energy. Renters may not participate. If accepted into the program, you will receive a one-time rebate payment of $1* per watt-DC based on the installed generating capacity.”
There are several qualified solar installation companies in the Carolinas. Consider which products the company offers – some panels and inverters are more efficient and durable, as well as carry longer warranties (power and product) than others. There are some key requirements to qualify for the Duke Energy rebate, one of them is that the solar installation company has NABCEP certified installers.
For more information about solar, you can check out SolarizeCabarrusNC.com. While this site only reflects the tax credits available to North Carolina residents (which currently is far less), it also contains good general information and South Carolina residents are also eligible to participate in this volume discount program established with a local solar installer.
Thanks and go solar!
Scott Noel
SolarizeCabarrusNC@gmail.com
SolarizeCabarrusNC.com
Facebook: Solarize Cabarrus NC
Twitter: @SolarCabarrusNC
Scott Noel has lived in Harrisburg, NC for almost 10 years now. He works in Digital Marketing, but has
been very passionate about and active in sustainability for many years now. Sustainability defined as the
interplay between being environmentally sound, economically prosperous, and socially considerate for today and the long-term benefit and quality of life for future generations. Some of his activities and areas of focus around this include:
• Solar PV system owner (on his house)
• Electric vehicle driver (Nissan Leaf)
• President – Wells Fargo Uptown Charlotte Green Team
• Founder & Organizer – Solarize Cabarrus NC
• Advisory Committee Member – EarthShare NC, Charlotte
