What Is The Average Cost Of A Home Solar System
Our average home solar panel system is priced between $18,000-$24,000 before any incentives are taken into account. The Federal Tax Credit for solar is currently set at 26%. This credit is available to anyone who pays Federal taxes and can be stretched out up to five years if necessary.
So if your cost was $22,000, subtract 26% and you would have a $16,280 solar system. All of our systems are custom designed, so the average price is really that, an average. The price of home solar can range from $10,000 $100,000 based on your roof, energy usage, goals, aesthetic preferences, battery storage, and budget.
The Federal Solar Tax Credit
Dont forget about federal solar incentives! With the Investment Tax Credit , you can reduce the cost of your PV solar energy system by 26 percent. Keep in mind that the ITC applies only to those who buy their PV system outright , and that you must have enough income for the tax credit be meaningful.
When Do You Apply For The Solar Rebate
As anticipated, the Duke Solar Rebate has been wildly popular! Were excited to see so many homes and businesses going solar in North Carolina, but unfortunately the NC Solar Rebate program has an annual cap.
Because the rebate cannot be guaranteed, Southern Energy Management will default to not including the rebate in your solar savings analysis. Were happy to educate and consult on the impact of the rebate, how to apply, and your likelihood of actually receiving the rebate if youre interested.
Regardless of the NC Solar Rebate, solar is still a great investment in North Carolina, especially with the extension of the 26% Federal Investment Tax Credit for solar!
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What Factors Affect The Price Of Solar Panels For Duke Energy Florida Customers
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also theinstallation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around$2.54 per watt or $20,946 for a standard 11.13 kW solar system after the customer claims the 26% federalsolar tax credit.
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Solar Power Options For Big Customers And Utilities
All told, Duke Energy owns and operates more than 20 wind farms and 80 solar energy facilities across the US 35 of them in North Carolina. In addition to North Carolina and South Carolina, the corporation owns and runs electric utilities in Florida, Indiana, Kentucky and Ohio. Its Piedmont Natural Gas subsidiary operates in North and South Carolina and Tennessee.
Management has been strategically shifting the corporations operations, new business lines and investments towards distributed, renewable energy in recent years. Its unregulated Duke Energy Renewables subsidiary has invested nearly $6 billion to expand its wind and solar power business since 2007. It now owns and operates some 2,800 MW of renewable power generation capacity in more than a dozen US states. That includes more than 50 solar PV generation facilities with a combined power capacity of some 500 MW which it delivers to utilities, municipalities, electric cooperatives and large businesses.
Besides owning and operating renewable energy assets on its own behalf, Duke Energy provides operations and maintenance services to third-party renewable power system operators via Duke Energy Renewable Services. Supporting this is the units Renewable Control Center in Charlotte, N.C., which employs digital network and distributed energy Internet-of-Things technology to optimize performance of wind and solar power plants across the US.
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How Much Does Solar Cost
Going solar by purchasing a turnkey installation is popular and affordable for many electric customers today. But how much does solar cost? To deliver the customer a full-service solar installation at a competitive price, an installer works with solar component manufacturers and either contracts out the labor on the project or keeps teams of employees in-house, as Renu Energy Solutions does.
Customers with a monthly electric electric bill in the average range planning to offset much of their grid energy with solar can expect the project quote for solar cost to be somewhere close to the price of a car. Fortunately a federal tax credit is active which is saving many customers 26% on their installation, some electric providers have rebate programs for additional savings, and utilities normally have some type of policy in place to repay the customer either in dollars or in bill credit for excess solar energy delivered to the grid on certain sunny days.
Cost Of Solar In North Carolina
Based on market research and data from top solar panel brands, we found the average current cost of solar in North Carolina to be around $2.54 per watt. Using this average, we can calculate that after applying the federal solar tax credit, a 5-kW solar panel system would cost around $9,398, and a 10-kW system would cost around $18,796.
Any of the best solar companies in North Carolina will be able to help you find local incentives and solar tax exemptions to reduce your overall project costs. In North Carolina, expertise in the many statewide incentives will be key to securing the most value for your money. We encourage you to familiarize yourself with what’s available in your area, as some cities, like Asheville, offer their own solar rebates.
In the meantime, here’s a brief rundown of North Carolina’s statewide solar incentives:
|Duke Energy offers annual solar rebates for select commercial and residential solar applications across North Carolina.|
|Low-Interest Solar Loans||In order to increase the accessibility of solar, North Carolina provides low-interest loans for qualifying solar projects.|
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How Much Does Installing Solar Panels Save The Average Duke Energy North Carolina Residential Customer
If you input the details for a Duke NC customer with a power bill of$160 per month into thebest online solar panels calculator,it tells you that you need a 10.21 kW solarsystem that will produce 14,314 kWhper year and that this system will return the owner a$44,527 profit after repaying the costof the system.
The solar savings possible for you as aDuke NC customer will depend on the amount of electricity you use and thecost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof thataffects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typicalDuke NC customer with a$160 per month electric bill prior tosolar and who installs a 10.21 kW solar system.
Does Duke Energy Offer Other Solar Incentives
Duke Energy offers rebates to North Carolina customers who want to install a solar panel system. For homeowners, the program offers a $0.60/Watt rebate for systems up to 10 kilowatts. The benefit is equivalent to $3,600 for a 6 kilowatt system. Nonresidential customers also have access to rebates of $0.50/Watt to $0.75/Watt. In some states, Duke Energy also offers programs that enable its customers to support renewable energy in other ways:
- GoGreen Indiana gives customers the ability to support the development of green power sources such as solar and wind in Indiana by purchasing a minimum of two 100 kWh blocks of green power for $1.80/month.
- GoGreen Kentucky gives customers the opportunity support green power such as solar and wind by purchasing a minimum of two 100 kWh blocks of green power for $2/month.
- NC GreenPower is a nonprofit, statewide organization that gives North Carolina customers the ability to contribute $4/month to the organization which is split with $2 purchasing 50 kW of energy produced from green sources and $2 supporting the installation of solar demonstration projects at NC K-12 schools.
- GoGreen Ohio helps customers support green power such as solar and wind by purchasing a minimum of two 100 kWh blocks of green power for $2/month.
- South Carolina offers a Shared Solar Program for qualified customers, including those who live in multifamily housing or rent homes and all those who may not otherwise have access to solar energy.
How Much Does Installing Solar Panels Save The Average Duke Energy Florida Residential Customer
If you input the details for a Duke FL customer with a power bill of$200 per month into thebest online solar panels calculator,it tells you that you need a 11.13 kW solarsystem that will produce 15,298 kWhper year and that this system will return the owner a$50,169 profit after repaying the costof the system.
The solar savings possible for you as aDuke FL customer will depend on the amount of electricity you use and thecost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof thataffects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typicalDuke FL customer with a$200 per month electric bill prior tosolar and who installs a 11.13 kW solar system.
Verify: Does Duke Energy Pay Solar Power Customers Who Produce More Energy Than They Use
North Carolina is second only to California when it comes to homes powered by solar energy.
A Triad man jumped on the bandwagon, but now he’s not so sure.
He doesn’t think he’s being properly compensated, after putting solar panels on his home.
Ronnie Williams from Kernersville asks: Does Duke Energy pay customers that have solar panels that produce more kilowatt hours of electricity than they use?
To verify, we went directly to Duke Energy.
First, we need to add some context.
When you have solar panels to your home, you can partner with Duke Energy through a process called net metering.
It’s a concept that allows you to put excess energy back into the power grid.
During the day, you’re gathering energy from the sun and sending that to the grid, but at night you are using energy from the grid.
Your bill reflects the amount of power you use, versus what you put in.
Duke energy says customers are*getting money back through that process,but it’s a credit that carries forward from month to month.
The credit resets once a year, starting on June 1st. So whatever credit you had, it goes to zero.
Duke Energy says they do this to place limits on solar customers.
“We are there to support customers who want to generate solar energy for themselves. We don’t want people to try to make a living out of over generating power.” Randy Wheeless, a Duke Energy Spokesperson said.
So we can verify,yes, Duke does pay you if you produce more energy than you use, but it’s in the form of a credit.
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Average Cost Of Solar Energy Systems
New advances in the solar technology sector and competition among the 204 NC solar panel installation companies have brought the price of solar in North Carolina down to some $2.24 to $3.04 per Watt of solar power installed. This would translate to $11,000 to $15,000 for an average home in North Carolina, a 43% drop in prices from five years ago. The prices outlined here are without the sales tax and the rebates and tax credits offered by North Carolina.
Although the initial cost may seem too high, an average household may save around $1,000-1,500 per year, and the entire investment will pay off in as little as 9-12 years. With many sunny days per year, North Carolina is heaven for new solar owners. An added benefit of installing solar on your house is that every 1kWh of NC solar power installed on your roof increases the propertys value by around $6,000.
There are more things to consider before installing solar. The orientation of your house, any nearby tall trees, and the slope of your roof all play a role in how fast the investment will pay off. Additionally, any home repairs and enforcing that you may have to do to make sure your house can support the weight of the panels will present an extra solar expense, so do not forget to calculate those expenses in your equation. The best thing to do is contact a good solar energy consultant and have professionals do the calculations for you.
How Does Shade Affect My Solar Panels’ Production
Shading is solars arch-nemesis.Too much shading can make a solar system infeasible for a location. Sometimes shading issues are really easy to identify, for instance, if we cant see your roof on Google Maps, shading is probably going to prohibit you from going solar.
A lot of times is hard to tell the exact shading concerns from a satellite view. In these cases, we use a special device called a Suneye to measure your sites shading. The Suneye has a fished-eyed lense that we use to take a 360 degree picture from each corner of your roof. We plug those pictures in to some nifty software that analyses the images versus the suns path throughout the year. From this analysis we can give you a very accurate solar production estimateone that well guaranteed. Planning to take down a worrisome pine tree, no problem, the Suneye allows us to model the removal of trees and other shading obstructions!
At the end of the day, if your solar site is more than 50% shaded throughout the course of the year well normally advise you to not go solar and enjoy your beautiful trees. Between 50-70% shading is generally workable and upwards of 70% we arent concerned about your shade!
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How To Apply For Solar Rebate In North Carolina
For the 2018 solar rebate, you must be a Duke Energy Carolinas or Duke Energy Progress customer living in North Carolina. The Duke Energy Carolinas and Duke Energy Progress solar rebate requires that your bidirectional meter either be installed in the same year, or Whats the process to apply for the rebate?
Duke Energys Nc Solar Rebate Program
Details on the NC Solar Rebate Program from Duke Energys website:
Whether you want solar panels at your home or business, this one-time rebate can help make going solar more affordable. Between 2018 and 2022, Duke Energy will provide 20 megawatts of capacity annually for this program. Ten MW will be available in the Duke Energy Carolinas service area and 10 MW will be available in the Duke Energy Progress service area. Starting in 2021, half of the annual capacity will be available in January and the remaining half in July. This program is first-come, first-served, so if youre interested, get started today.
How much could you get back?
- Residential customers: 40 cents per watt or $4,000 rebate maximum
- Non-residential customers: 30 cents per watt or $30,000 rebate maximum
- Nonprofit customers: 75 cents per watt or $75,000 rebate maximum
Visit www.duke-energy.com/NCSolarRebates to learn more or to review full Terms and Conditions.
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Proposed Duke Energy Solar Farm Could Act As An Energy Source For About 23000 Homes
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HIGH SPRINGS, Fla. -A new solar farm near High Springs could help power roughly 23,000 Alachua County homes, and the project is expected to span 720 acres. Although the project wouldnt fall within city limits, it will be close, so leaders and residents heard from the Duke Energy team Thursday night about how this will impact their town.
The solar panels would need the help of sunlight and other energy sources. The roughly 200,000 panels would be set in place for about 30 years.
It has to be complemented with something either some of our gas generation or batteries. About 23,000 homes, and it also takes about 28,000 cars off the road as far as carbon benefit, explained Tom Lawery, a Manager of Renewable Energy and Wholesale at Duke Energy.
This type of solar farm proposal in other parts of the area has been met with stiff resistance.
Lawery admits the amount of land being taken up and the length of time it is being used could be considered a downfall. However, he said that is one of the tradeoffs when people decide to move to renewable energy. According to Lawery, one of the positives about this type of project is that it requires much less maintenance.
If she ends up saving, she thinks that is a great benefit.
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Questions About Your Duke Energy Bill Answered
How Do I Read My Duke Bill Once My Home Solar System Is Working?
Duke Energy will measure the difference between the number of kilowatt-hours your home solar system produces and the amount of electricity you use from the grid. This difference is called Net Energy Metering or NEM, and Duke Energy uses it to calculate your solar bill.2
Since solar energy only affects the kilowatt-hour part of your bill, some elements will stay the same, like your monthly service charge to keep Duke Energys grid healthy, as well as your transmission and distribution costs. See a sample Duke Energy bill.
What Happens to the Excess Energy My Solar Panels Produce?
Under NEM, you may be eligible to offset your electric bill when your home solar system generates more kilowatt-hours than you need, yet, you must enroll in Duke Energys Net Metering Rider which works together with Duke Energys standard electric rate.3Learn the details about Duke Energys Net Metering Rider.
If you have excess energy after offsetting your current monthly bill, you can roll it over to your next billing month. Any excess energy remaining after a year will be paid out to you at the current kilowatt-hour rate, and your net metering balance will reset to zero.4
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