Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Lower utility costs: Producing some or all of your own electricity will spend less on electricity long-term. Plus, some states provide net metering programs that allow you to sell your extra energy back to the grid, generating extra credits toward your energy bill.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can minimize or conquer your home's dependence on non-renewable sources.
- Better energy independence: Adding a solar battery storage system lets you have reliable energy during storms and grid outages.
What Solar Incentives Are Available to Greensboro Homeowners?
North Carolina homeowners who choose solar could qualify for tax credits, reimbursements, rebates and special financing. Here are just a few of the local incentive offerings.
Incentive Type: Rebate Program
Website: duke-energy.comIncentive Amount:
Residential: $0.60/W-AC
Nonresidential: $0.50/W-AC
Nonprofit: $0.75/W-AC
Incentive Type: Property Tax Incentive
Incentive Amount:
Residential systems: 100% of the appraised value
All other systems: 80% of the appraised value
Incentive Type: Property Tax Incentive
Incentive Amount:
No more than conventional equipment
Incentive Type: Rebate Program
Website: energyunited.comIncentive Amount:
Heat Pumps (15 SEER): $150/unit
Heat Pumps (16 SEER): $300/unit
Incentive Type: Rebate Program
Website: duke-energy.comIncentive Amount:
Central Air Conditioning or Heat Pump: $300 - $400 + $50 with added smart thermostat
Geothermal Heat Pump: $400 + $50 with added smart thermostat
Heat Pump Water Heater: $350
Attic Insulation or Attic Air Sealing: $250
Duct Sealing: $100
Variable-Speed Pool Pumps: $300
Incentive Type: Performance-Based Incentive
Website: ncgreenpower.orgIncentive Amount:
Varies by technology and system size
PV larger than 5 kW: must enter bid process
Wind up to 10 kW: $0.09/kWh
Wind larger than 10 kW: must enter bid process
Incentive Type: Loan Program
Incentive Type: Green Building Incentive
Incentive Amount:
Authorized by legislation for green buildings. Actual permit process to be determined by local government.
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Greensboro
The purchase price and effectiveness of solar panels often rely on which company installed them. Consider all of these elements in your company search.
Licensing and Training
A licensed electrical contractor in North Carolina may direct home solar photovoltaic installations in North Carolina if they have the relevant classification from the North Carolina State Board of Examiners of Electrical Contractors. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Greensboro
Your solar panels' style will impact how much electricity you can produce. Monocrystalline panels are among the highest quality and cost the most but perform the best. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar provider offers these optional components, so look for a contractor that sells them if it's essential for you.
Generally speaking, it costs about $17,550 for a five-kilowatt solar array in Greensboro. This table lists more specific pricing information for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $980 |
| Solar Polycrystalline | $764 |
| Thin-Film | $447 |
| Solar Battery | $627 |
| Solar Home EV Charger | $2,351 |
Financing Solar Energy in Greensboro
Choosing the ideal financing plan will influence your overall solar system cost and expected savings. Common payment options include power purchase agreements, leases, cash payments, and loans. Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to a car or home loan, you'll pay a set monthly rate with potentially $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a power purchase agreement lets you pay a variable rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. Ask each company you're considering about the payment options it offers. A staff member can help you determine the most suitable option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Greensboro.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.1 years |
| 2 kW | 4.2 years |
| 5 kW | 10.4 years |
| 10 kW | 20.8 years |
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Frequently Asked Questions About Solar in Greensboro
How much money could I save by going solar in Greensboro?
Is solar energy widely available in Greensboro?
Should I anticipate a boost in my property value after going solar?
How can I assess my site's solar suitability?
How many years will a common solar system last?
What's the average solar system size in Greensboro?
What are the signs I shouldn't use a particular solar company for my job?
- High-pressure sales tactics
- Being evasive about references, training and credentials, cost and warranties
- Inflexible options
- Rushing through the site assessment
- Limited customer feedback
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
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