The Charlotte Auto Show: Where Automotive Excellence Meets Innovation

Each year, the Charlotte Auto Show takes over the Convention Center in Uptown to showcase a variety of vehicles from top brands in the automotive industry. From November 16-19, ticket holders get a chance to see over 170 vehicles from automakers such as Toyota, Ford, Porsche, Ram, Maserati, Chevorlet, and more! Guests are able to make purchases on vehicles, win designer handbags and heels while raising money for pediatric cancer, and play games for children of all ages. Along with vehicle exhibits, a new tech and sustainability zone will be available for guests to learn more about sustainability for vehicles and homes.

Renu and Sun Services: Pioneering Sustainable Energy Solutions

This year, Renu Energy Solutions and Sun Service Specialists are proud to support the Charlotte Auto Show’s  New Tech and Sustainability Zone. Since both companies focus on providing solar energy, energy products, and services that are sustainable, Renu and Sun Service will demonstrate how solar energy can power your home and electric vehicle. Our displays will showcase some electric vehicle chargers for the home, solar panels, and energy storage units. Along with these components, members of the Renu Crew and Sun Service Squad will be there to answer any questions regarding solar, energy storage, and electric vehicle charging.  

We aim to educate exhibitors on the importance of utilizing solar energy to charge electric vehicles; eliminating the need of fossil fuels to power homes and vehicles. Through graphics and product demonstration, exhibitors will learn how solar energy works step by step. 

What Are Solar Tax Credits?

When customers decide to invest in solar for their home, one of the perks they receive is the solar tax credit. Ever since The Inflation Reduction Act of 2022 passed, customers get a 30% Federal tax credit for their system, installation costs, and energy storage units that are paired with the solar system. South Carolina customers receive an additional 25% State tax credit, making the total tax credit for their system 55%.

For example, if a customer receives a tax credit for $5,000 for their system, their Federal income taxes are reduced by $5,000. Let’s say this customer owes the IRS $2,500. The solar tax credit would be used dollar for dollar to bring the balance the customer owes to $0, and then the customer would carry forward the remaining $2,500 to the following year. Customers have 10 years to utilize the full amount. 

Criteria For Claiming Tax Credits 

Customers can claim solar tax credits by meeting the following criteria: 

–They were the ones who used the system for the first time. (Excludes people moving into a house that has a system already installed)

–They are the homeowner where the solar system is installed

–The solar system was installed after January 1, 2017

Speak with a tax professional to ensure you meet all of the criteria to claim the solar tax credit.

Overview

When Duke Energy North Carolina approved changes to their net metering policy back in March 2023, potential solar energy customers had a limited time to decide on a system before the changes kicked in on October 1, 2023. Once these customers signed a contract, they were able to apply for interconnection with Duke Energy North Carolina’s 1:1 legacy net metering program. Today, new customers receive the option of a modified net metering program called time-of-use (TOU) or enter a bridge NEM program. 

TOU

With time-of-use net metering, Duke Energy North Carolina rates are based on the demand of energy at specific times. Peak energy rates are determined based on what time of day it is, what day it is, and what time of year it is. For example, energy rates may be higher in the summer during evening hours when people are getting home from work. Prices customers pay changes as demand for energy changes. Solar paired with a battery is an excellent combination to take advantage of time-of-use rates, allowing for charging at less expensive rates and discharging at the more expensive rates. TOU won’t entirely take over until January 1, 2027. In the meantime, new solar customers receive a Bridge Rate net metering program.

Bridge Rate

Duke Energy North Carolina’s Bridge Rate is available for new customers for a 5 year duration until January 1, 2027. This rate allows customers to opt in for a hybrid net metering program that mixes aspects of the legacy net metering rate and the TOU rate. Now, new customers won’t immediately receive credits based on time-of-use, however, they are able to ease their way into the change for the next 5 years. 

Since the legacy net metering program is a part of the Bridge Rate, new customers receive 1:1 credits for their energy sent back to the grid, and those credits are applied to the customers utility bill. These credits help customers save on their utility bill by applying the credits towards new energy charges.

Lower Prices

Ever since the early 2010’s the median customer price dispersion overtime has decreased for a solar system. The graph from EnergySage below shows the median quoted prices a typical customer sees $/watt on a solar energy system. As the graph shows, there has been a significant decrease in price dispersion since 2014. With the supply of solar components being at a high for 2023, price dispersion is expected to decrease, meaning less expensive solar systems for new customers.

Image courtesy of EnergySage

Conclusion

As the sun sets for 1:1 net metering in North Carolina, customers now receive a Bridge Rate for 5 years before fully committing to time-of-use net metering. Now that Duke Energy North Carolina will start adjusting rates for peak hours, energy independence is more enticing than ever. Potential customers can expect a less expensive $/watt cost since component supplies are up. Of course we can’t predict policy changes for utility companies, but what we can do is lock in rates before they change again.

Overview

Back in March 2023, Duke Energy North Carolina approved changes in their net metering policy that came into full effect on October 1, 2023. Now that the day has come, new solar energy customers will receive with time-of-use rates rather than the 1:1 net metering rate that was previously in place. We know what these changes mean for new customers, but let’s dive into what Duke Energy’s changes mean for older solar systems. 

Impact For Older Systems

Customers who previously invested in solar energy for the home are included in the 1:1 legacy net metering program. With 1:1 net metering, customers receive an equal credit for each kWh (kilowatt-hour) that is sent back to the grid. For example, a customer who needs to pay $150 worth of energy costs can use $100 worth of their credits that they earned so they only have to pay $50 out of pocket for that month. These credits can only be applied to customers’ Duke Energy bills. Legacy net metering will allow customers to roll over credits month to month for 1 calendar year at a time until 2027.

In total, the legacy net metering program will be in place for older customers for 15 years since the date of their installation. Once the 15 years pass, customers will transition into a modified “Bridge Rate” net metering program. This net metering program will still give customers a 1:1 rate for the energy sent back to the grid, but credits can not be rolled over into future months like before. 

Conclusion

Homeowners who invested in solar energy before October 1st, 2023 are locked in to a very attractive net metering program for solar. With 1:1 net metering, customers aren’t being charged a premium for energy being used at peak hours like time-of-use customers will face. These customers can have comfort knowing that they are getting the most savings out of their systems. 

System Specs