North Carolina Residential Solar Financial Incentives

Federal Investment Tax Credit

Any purchase of solar power system before December 31, 2020 results in a 26% federal tax credit making The Investment Tax Credit (ITC) the most important financial incentive for potential solar energy customers, and one of the most lucrative tax incentives across all categories.  The ITC for commercial businesses steps down to 22% in 2021, and unfortunately goes away for residential properties in 2022.

The Investment Tax Credit (ITC) is based upon the amount of investment in solar property and can be carried back 1 year and forward 20 years.

The Investment Tax Credit (ITC) is based upon the amount of investment in solar property and can be carried back 1 year and forward 20 years.  It is a dollar for dollar reduction in income taxes for those claiming the credit.  Any structural roof work or tree trimming that prevents the system from being shaded can also be included in your overall credit.  Check with your accountant and reference IRS form 5695 and Section 25 of the Internal Revenue Code.

Energy storage systems such as the Tesla Powerwall can also be applied to the ITC should it be tied to your solar array.

 

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