The SEIA reported that over 2 million solar panels have been installed in the U.S. in 2019. With the need for sustainable energy growing, that number’s only going to go up.
For North Carolina residents, the prospect of using the state’s bright sunlight to power homes becomes more attractive by the minute. With that said, questions still remain.
How much is it going to cost to install solar panels in North Carolina? Where can I find reliable North Carolina solar installers?
That’s what we’re here to look at today. Read on to find out more about how much it costs to install solar panels in North Carolina.
Solar Panels Cost
First, let’s go over the cost of solar panels in the U.S. in 2021. The final cost before taxes and incentives vary depending on your household’s needs, but let’s just say you need a system size of about 5-kilowatts.
The average price per watt is about $3-5, so a residential solar system will cost you about $15,000 to $20,000. This may sound like a lot, but there are a few caveats.
First, solar panels are long-term investments that gradually lower your overall utility bills each month. After solar installation, North Carolina residents enjoy the benefits of solar without much to pay for it.
They’re also incredibly durable, giving you maximum electrical output for decades. There are also plenty of state and federal tax incentives that encourage homeowners to try solar. Let’s break down these incentives further.
Solar Energy Incentives
The federal residential solar energy credit currently gives you a 26% tax credit for any solar systems installed between 2020 and 2022. That percentage drops to 22% for any 2023 installations.
This means that 26% of your solar system cost is deducted from your annual income tax every year. This might end up saving you a lot of money depending on the cost of your solar panels.
North Carolina residents also enjoy several tax exemptions, including a property tax exemption.
When you install solar panels, your property value goes up, but that means your property tax rates do as well. In North Carolina, that extra amount is exempt for all solar panel enthusiasts.
If you aren’t able to afford your solar panels upfront, there are plenty of statewide loans to help you finance them. They’re low interest and won’t go past twenty years.
Buying or Leasing Solar Panels
At this point, you might be asking whether or not you should buy or lease your solar panels.
The upside to leasing is obviously that you get a cheaper financing option for reliable energy. You won’t have to worry about eating over $10,000 just to get clean energy.
If you buy your solar panels, however, you get to enjoy the benefit of not only owning the entire system but also all the tax incentives. You can’t claim any of the exemptions in North Carolina or the tax credit if you lease.
As such, you’ll have to decide whether you’re okay with missing out on a few beneficial tax credits for the sake of affordability. Either way, you get a lot of benefits from installing solar panels.
Leveraging North Carolina Solar Installers
If you’re a North Carolina resident, it’s important to understand the ins and outs of financing your solar installation. Use this article to find out exactly what you need to find the best North Carolina solar installers for you.
For more informative articles on electronics and home improvement, check out the rest of our site!