Rebates, Tax Credits and other incentives home solar power panels in North Carolina August 2012 update:
Duke energy no longer offer seperate pricing on SREC's. All REC's and SRECS are now valued at $5 m/wh
North Carolina state tax credit for solar home solar power systems
North Carolina offers a tax credit equal to 35% of the cost of eligible renewable energy property constructed, purchased or leased by a taxpayer and placed into service in North Carolina during the taxable year. There is a maximum of $10,500 per installation for residential photovoltaic systems (also known as PV systems or solar-electric systems). A maximum of $2.5 million per installation for all solar used for a business purpose The amount of the credit is based on the total cost of the system less any other rebates from public funds.
Renewable Energy Portfolio Standard
North Carolina has a renewable energy portfolio standard that requires that 12.5 percent of electricity sourced by investor owned utilities in that state to be sourced from eligible renewable sources by 2021 and 10% for municipal owned utilities. There is a small solar carve out of .2 % by 2021. There are interim targets for both the general renewable portfolio standard and also the solar carve out (3% and .07% for solar by 2013 respectively).
Progress Energy Carolinas Sun Sense home solar program
Progress Energy is offering incentives for their residential customers to install photovoltaics (PV) systems on their homes through their SunSense Program. The incentive is multifaceted. Customers will receive an upfront payment of $1,000 for every kilowatt-AC (kW-AC) they install on their home, and they will receive monthly credits on their bill of $4.50 per kW-AC. For instance, if a customer installs a 10 kW-AC system, the largest system eligible to participate in the program, the customer will receive a check of $10,000 plus a bill credit of $45 on their monthly bills.
Progress Energy Carolinas- Sun Sense commercial solar PV incentive
Progress Energy Carolinas (PEC) offers incentives to non-residential customers in North Carolina and South Carolina for installing photovoltaic (PV) systems. PEC will pay $0.15/kilowatt-hour (kWh) for the electricity and renewable energy credits (RECs) generated by the PV system for a period of at least 20 years. Participating systems may not net meter. Participants must sell all the electricity and RECs generated by the system, and purchase all the electricity their facilities consume. To be eligible for this incentive, PV systems must be installed in North Carolina or South Carolina on real property owned by a non-residential customer of PEC, and they must have a nameplate capacity from 11 kW (DC) to 500 kW (DC). Annual program participation is limited to 5 MW DC. Systems owned and operated by a third-party on a PEC customer's property are also eligible. To participate, PEC customers must first submit an application. PEC maintains sole discretion to accept, accept with conditions, or reject any application for any reason. If the application is approved, PEC will provide the applicant with a program contract. System owner must execute an interconnection agreement and PEC will set a separate meter to register the generation.
TVA Generation Partners program
Tennessee Valley Authority (TVA) and participating power distributors of TVA power offer a production-based incentive program to homeowners and businesses for the installation of renewable generation systems including solar panel systems. The energy generated from these renewable generation systems will count towards TVA's green power pricing program, Green Power Switch. TVA will purchase 100% of the output from a qualifying PV system at a premium of $0.12 per kilowatt-hour (kWh) on top of the retail electricity rate. Systems up to 50kw are eligible. If a qualifying system produces more electricity than the customer consumes, payment for any excess credits will be issued either monthly or annually, at the discretion of the power company. All new participants in the Generation Partners program will receive a $1,000 incentive to offset the upfront cost. The contract term is 10 years. Qualifying systems must have a minimum output of 500 watts and a maximum output of 50 kilowatts (kW). Installations must also comply with local codes and adhere to guidelines established by the program. All equipment must be in compliance with environmental regulations and national standards, certified by a licensed electrician, and meet all applicable codes.
TVA is in the process updating the Generation Partners program, including a name change. Programmatic changes are expected to be finalized in April 2012, and customers may continue to apply for the existing Generation Partners program until that time.
Here is a look at what a system return might look like for a home solar power system installed by a Progress Energy customer in North Carolina.
|Size of System (kw)||
|Space required (square feet)||
|Price of system per watt||
|Price of power (marginal cost high usage kwh's) $ per kwh||
|Average daily kwh produced per 1 kw of solar||
|Total average daily production||
|Total Price (before incentives)||
|Federal Tax Credit||
|State Tax Credit||
|Progress Energy up front rebate||
|Actual out of pocket cost after incentives claimed||
|Annual Power production||
|Total Annual Energy savings based on 1:1 net metering||
|Annual income from Progress Energy Sun Sense program: $4.50 per kw per month||
|Total Annual Return||
|Return on Investment- pre finance costs||
|Payback time based on annual increase in power prices of 7%||5.5 years|
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