Government Incentives
The financial incentives are an important part in making solar cost competetive. We understand that the incentives can be hard to understand. Though we recommend consulting a certified tax professional, we'd be happy to help you answer some questions (contact link).
- Energy Investment Tax Credit (Federal)
Solar energy expenditures used to generate electricity are eliglbe for 30% federal tax credit. The tax credit has no maximum cap. Systems must be placed in service on or before December 31, 2016. As part of American Recovery and Reinvestment Act of 2009, institutions eligible for the business energy tax credit as a grant from the US Treasury. - Renewable Energy Tax Credit (North Carolina)
Solar Electric, PV, systems constructed, installed, or leased are eligible for a 35% tax credit from NC. Commercial facilities can claim up to $2.5 million per installation. The credit shall be taken in 5 equal installments beginning in the year of system activation. - MACRS Accelerated Depreciation (Plus Bonus)
Both Federal and NC depreciation will follow MACRS 5-year accelerated deprecation. The federal will also include a bonus 50% in the first year of activation. This depreciation schedule applies only to systems placed in service in 2008 or 2009. - North Carolina Senate Bill 3
North Carolina's Renewable Energy and Energy Efficiency Portfolio Standard was enacted by Senate Bill in August '07. This legislation mandates that utilties generate 0.2% of all produced electricity from solar by 2021, meaning your electricity is worth a premium. - Property Tax Abatement for Solar Electric Systems
Solar electric systems placed in service on or after July 1, 2008 in North Carolina are exempt from property tax for 80% of the appraised system value. This is state-wide legislation that is enforced on all local governments in North Carolina.
Steps to Recieiving Government Incentives:
- Request a quote from GreenTech
- Consult a Tax Professional to determine eligibility
- Install a PV solar array before the end of the year
- File relevant tax papers with next year's taxes
