Imagine a world where your home has uninterrupted power – without the utility bills that come with it. Sounds exciting, right? That’s the freedom of solar, and there’s never been a better time to make the switch, especially if you’re in Charlotte, North Carolina!
The cost of solar panels has become more affordable than ever for the cultural heart of North Carolina. If you pay an electric bill, you can afford solar in Charlotte, which can cost as low as $100 per month with financing. Let’s dive into what you need to know to estimate the cost of your next renewable home upgrade.
Cost of Home Solar Power in Charlotte
The average cost of solar panels in Charlotte, as of early 2024, is around $2.79 per watt, making a typical 5 kW (5000 watts) solar system approximately $13,9431 before claiming the 30% Federal Solar Tax Credit. However, it’s important to note that solar panel costs can vary depending on factors such as system size, installation fees, and available incentives, which we’ll cover below.
If you are new to solar, the first thing you should know is that while those solar panels may be doing the heavy lifting, they have a lot of support. What goes into the total cost?
- Solar Panels: This is the most significant part of the cost. The type, quality, and number of panels will determine the overall price.
- Installation Labor: Professional installation ensures your system is correctly set up for maximum efficiency. At Freedom Solar, we’ve installed solar PV systems for more than 24,000 customers.
- Inverter: A crucial device that converts the electricity produced by your panels from DC to AC so that it can be used in your home.
- Mounting Hardware: This includes the racking system to mount your panels securely on your roof or ground.
- Permitting and Inspection Fees: These are required by the local government and can vary depending on where you live.
- Sales Tax: Depending on your state, you may need to pay sales tax on the equipment and installation.
- Maintenance Costs: Although minimal, ongoing maintenance costs can include cleaning and occasional part replacements.
Saving on Solar with Incentives & Rebates
State Rebates and Incentives
Low Interest Loans
In North Carolina, laws have been passed that empower local city and county governments to provide low-interest loans for the installation of solar panels and other energy enhancement measures. These loan provisions, facilitated by the legislation, stipulate a maximum term of 20 years, a ceiling on interest rates at 8 percent, and offer the convenience of easy renewals.2
Property Tax Abatement for Solar Electric Systems
The cost of solar panels in North Carolina is made more accessible by a state property tax abatement. Under this program, 80% of the appraised value of a solar electric system is exempt from property tax. One of the benefits of solar power is that it can enhance your property’s value. However, this increased value could potentially lead to higher property taxes.
Fortunately, residential solar power users in North Carolina who are not using their systems for commercial gain can benefit from a property tax exemption3. This means the added value from the solar system is not considered in property tax evaluations, providing financial relief for solar homeowners.
Net Metering in North Carolina
Solar power in North Carolina can provide a huge offset to utility bills. Utilities in North Carolina are required to offer net metering, which allows you to earn credits for the excess electricity your solar panels produce and feed back into the grid. Dominion Energy and Duke Energy both offer net metering programs in the state.
Local Utilities Incentives
While North Carolina has several statewide solar incentives, Charlotte has no city-specific solar incentives as well as access to the nationwide Federal Solar Tax credit.
Federal Rebates
The federal government currently provides a generous 30% solar tax credit to offset the expenses associated with residential and commercial solar installations across the United States.4
While the solar tax credit (a part of the Inflation Reduction Act) was initially set to expire in 2023, the recent extension until 2033 through the Inflation Reduction Act ensures that it remains a valuable financial incentive for adopting clean and renewable energy solutions. This extension makes going solar an even more appealing option for individuals and businesses alike!
Estimating Your Solar Costs
Looking for an estimate that is not just a general ballpark. Our Solar Potential Savings Calculator will take unique details about your home and current energy usage, and calculate a detailed estimate.
Choosing the Right Solar Company in Charlotte, NC
Choosing the right solar company is crucial for a multitude of reasons. Solar energy is a significant investment, and you want to ensure that you’re getting the most value for your money. A reputable solar company will not only provide high-quality equipment and installation but also offer excellent customer service and comprehensive warranties.
At Freedom Solar, we are on a mission to empower everyone to get clean and affordable energy from the sun. We staff in-house experts across sales, design, permitting, installation, and customer care to ensure your Charlotte solar project is seamless.
When you’re looking for solar companies in NC, you need transparency, proven experience, and quality. Contact us today for a free consultation.
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