Solar Tax Incentives & Rebates
Residential Solar Tax Incentives and Rebates to Help With the Cost of your Solar & Energy Storage System
Residential solar tax incentives have been a major support for our customers in North and South Carolina. Regardless of where you live in 2020, the Federal ITC (investment tax credit) provides a 26% Federal tax credit based upon the total cost of your solar system. Thanks to a recent extension by Congress, the 26% credit will be available until the end of 2022, giving you plenty of time to install solar and maximize your savings.
Renu is a solar consultant and installation company, please speak with you tax advisor or accountant on your eligibility to receive these tax credits.
Federal Tax Incentives
26% Federal Tax Credit on Renu Energy Installations
The Federal tax credit applies to all Renu Energy material and installation costs (all inclusive) of Solar PV System including battery storage like the Tesla Powerwall and Generac PWRcell. There is no max on the Federal tax credit, you will need to have a personal tax liability.
South Carolina Solar Tax Incentives
Up to 25% off the complete installation costs in South Carolina
Renu Energy Solutions installations of solar electric systems qualify for up to 25% in South Carolina tax credits. There are key limitations to how the South Carolina tax credit may be taken, primarily related to having taxable income in South Carolina, as well as maximum yearly South Carolina tax credit of $3,500 for up to 10 years. Speak with your tax preparer or professional!
North Carolina Utility Rebates
Up to $6000 off the installation costs for Duke Energy Carolinas and Duke Energy Progess
Frequently Asked Questions About Solar for Your Home:
How exactly does going solar and a solar system itself work?
How many solar panels do I need for my home?
At Renu Energy Solutions we design our solar panel systems size based on three main factors.
Roof-size/available space: When we look at the size of your roof and the space available, we gather data that tell us the maximum number of solar panels your home or site can hold and we even consider shading. We use a software “Suneye” which takes a 360 picture of your roof and we use this photo to determine if your home is a good candidate for solar.
Energy Usage: When we determine energy usage we look at your past electrical bills from over the course of a year to make sure your system isn’t too big or too small.
Your Budget: We consider how much solar your budget will allow for and have excellent finance options to fit just about any budget
What is solar net-metering?
Does Duke Energy offer net-metering?
Curious about the cost of a home solar system?
When our clients ask this question, we immediately tell them about the federal tax credit that comes with going solar: it allows you to increase your tax refund, or decrease the amount of taxes you owe on your system.
The federal tax credit is currently at 26% and will remain at that number through the end of 2022, giving you plenty of time to take advantage of the savings! For example, if the total cost of you system was $22,000, when you subtract 26% you are then left with a $16,280 solar system. There is not set price for a home going solar as there are many factors that contribute to the total cost. The price of a solar home can range from $10k to $100k based on the size of your roof, energy usage, aesthetic preferences, and of course, budget.
Home Solar System
The amount of electricity that a solar energy system will produce will depend on a number of factors, including the location of the home, system design, and much more. Ideally, a home with an unobstructed south-facing view will produce more than enough energy.
Installing battery backup along with your solar energy system for home or business is a smart move and can increase the value of your clean energy investment as well as peace of mind when a grid outage occur.
Electric cars – with no gas engine at all – now work for most budgets and lifestyles. With more and more models to choose from, drivers are choosing electric vehicles (or EVs) than ever before!