Cost of solar panels north carolina

How much do solar panels cost in North Carolina?

As of July 2024, the average solar panel system costs $2.49/W including installation in North Carolina. For a 5 kW installation, this comes out to about $12,442 before incentives, though prices range from $10,576 to $14,308. After the federal tax credit, the average price drops by 30%. You'll probably pay even less than what we show here.

How much does a 5 kW solar system cost in North Carolina?

While a 5 kW system will only cost you $12,442 in North Carolina, doubling the system size effectively doubles the price, so you'll pay about twice that for a 10 kW system. The higher the price tag, though, the more you'll get back as a credit towards your federal tax bill.

Can you save money installing solar panels in North Carolina?

Thanks to solar incentives, you can save money by installing solar panels whether you choose to finance with a loan or pay upfront. For example, the 30 percent Residential Clean Energy Credit lowers the average cost of solar panels in North Carolina to $22,113, which is nearly $10,000 in savings. Buying solar panels is a costly purchase.

Does North Carolina have a solar tax credit?

As long as your federal tax bill is high enough, you can take advantage of the federal tax credit in North Carolina. This incentive allows you to apply 30% of your solar installation and equipment costs toward your federal tax bill. If the amount exceeds your tax bill, you can roll over the remaining credit to the following year.

Are there any solar incentives in North Carolina?

North Carolina may not boast a long list of solar incentives, but the available ones can offer significant savings on your purchase. Most notable are the federal tax credit and a utility company rebate. Incentive value: Up to $9,000 Frequency: One-time

Do solar panels increase property tax in North Carolina?

With the property tax abatement, you will not see an increase in your property tax even if your home value goes up. Residential solar installations in North Carolina enjoy a 100% property tax exemption, while commercial properties are limited to 80%. You will not need to take action to take advantage of this incentive.