Going Solar Did you know... Just one hour of sunlight striking Earth’s surface could meet our global energy needs for a year.
By JC Summerford
There are lots of great reasons to go solar. Besides helping our environment by powering your home with renewable energy, you can save lots of money on utility bills over time and add to the value of your property. You may eventually find yourself selling power back to the power company, too. Now wouldn’t that be sweet?!
Utility Savings North Carolina is a hot market for solar installations. First, we get plenty of sun, which makes solar systems run strongly and efficiently year-round. Our major utilities, including Duke Energy, are required by law to provide net metering to their customers. Net metering means that the power company must credit you at retail value for excess solar power your system creates. When you send this energy back to the company’s main grid, you receive a credit to offset future billing. Credits remaining at year’s end expire without being carried over. Duke Energy offers an additional onetime rebate to customers who switch to solar. Homeowners receive 60 cents for each watt of solar energy installed, with a maximum rebate of $6,000. The company has run out of available rebate funds for 2020, but you can put yourself on a waitlist for next year. Another Duke Energy program is Shared Solar, which offers customers an opportunity to join a community of subscribers receiving credits on 34
HICKORY LIVING • MARCH 2020
©iStockphoto.com | vencavolrab
their electric bill without installing proprietary equipment. This program works for people who live in multifamily housing and for those who don’t own a home.
See if you qualify for a zero-down solar installation program: homeenergy.guide For more on Duke Energy rebates: duke-energy.com
The only slight downside of going solar in North Carolina right now is that power company incentives are starting to decline because many of them are meeting their mandated renewable energy goals. It’s still worth looking into, though, because the falling price of solar installations generally makes up for those incentives.
Choosing a System When considering a solar system purchase, look at factors such as which equipment works best for your home, how much you can afford, and what you might potentially save on utility bills.
Loans and Tax Exemptions A state law allows North Carolina cities and counties to offer low interest loans for solar installations and other energy upgrades. These loan terms are not longer than 20 years, have an interest rate cap of eight percent, and are easily renewable. Homeowners can also receive a federal tax credit equivalent to 26% of the total cost of a solar power system. Combined with local and state incentives, you could potentially cover about half of your investment. Even though adding a solar system increases your property’s value, in North Carolina solar additions are exempt from residential property tax assessments. Figure your solar savings with this online solar calculator: solar-estimate.org
Solar energy components include panels usually mounted on the roof that create electricity from sunlight. The second main component is the inverter that converts sun energy into usable electric power. Some systems also include a usage monitoring system. Right now, excess generated power is fed directly back to the utility company, but future systems will probably incorporate battery storage. When choosing panels, check their efficiency rate. It should meet the industry standard of 16-18% as a minimum. Remember that the most efficient panels may not be the smartest value for your situation. Premium panels come with a higher price tag, so first determine whether you really need the most expensive ones. North Carolina doesn’t get a lot of heavy snow, but be sure that the panels are sturdy enough to withstand our yearround weather conditions.
