Bifacial Reversal: What Does this Policy Change Mean for the Solar Industry
In a significant policy shift, the Biden administration has reinstated tariffs on imported bifacial solar panels, reversing a two-year exemption. This move, driven by domestic manufacturers’ concerns over surging imports, aims to bolster U.S. solar manufacturing. Previously exempt due to limited domestic production, bifacial panels have dominated imports, prompting the change. The decision aligns with Biden’s broader strategy to support local industry through the Inflation Reduction Act. While pre-existing contracts are temporarily protected, the overall impact is expected to reshape market dynamics and support domestic growth.
Capitalize on 2024 Solar Tax Credits and Incentives in North Carolina
With the recent reinstatement of tariffs on bifacial solar panels, the cost dynamics in the solar industry are shifting. However, there’s a silver lining for North Carolina residents looking to invest in solar energy: 2024 brings a suite of tax credits and incentives designed to make solar adoption more affordable.
Federal Investment Tax Credit (ITC)
The federal government offers a significant incentive for solar installations through the Investment Tax Credit (ITC). For systems installed in 2024, homeowners can deduct 30% of the cost of installing a solar energy system from their federal taxes. This credit applies to both residential and commercial properties and includes the cost of equipment and installation.
North Carolina State Incentives
North Carolina supplements the federal ITC with its own state incentives. The Renewable Energy Property Tax Credit provides a credit worth 35% of the cost of renewable energy property constructed, purchased, or leased. While this incentive is capped, it can significantly reduce the upfront costs associated with solar installations.
Utility Rebates
Several utilities in North Carolina offer rebates for solar installations. For instance, Duke Energy’s Solar Rebate offers significant rebates for residential and commercial customers who install solar panels. These rebates can further reduce the net cost of solar systems, making them more accessible.
Net Metering
North Carolina’s net metering policy allows solar panel owners to sell excess electricity back to the grid, earning credits that can offset future utility bills. This arrangement maximizes the financial benefits of your solar investment, ensuring that any surplus energy generated doesn’t go to waste.
Why Act Now?
The combination of federal and state incentives, along with utility rebates, makes 2024 an ideal time for North Carolina residents to invest in solar energy. These incentives won’t last forever, and with the changing landscape of tariffs and import costs, locking in these benefits now can provide long-term savings and energy independence.
Taking the Next Steps
1. Assess Your Home’s Solar Potential: Consult with North Carolina’s Most Trusted Solar Installer to determine how much you can save by going solar.
2. Explore Financing Options: NC Solar Now offers financing plans that allow you to install solar panels with little to no upfront cost.
3. Ensure you understand how to take full advantage of federal and state tax credits.
By leveraging the available tax credits and incentives, North Carolina residents can mitigate the impact of the reinstated tariffs on bifacial solar modules and enjoy the benefits of clean, renewable energy for years to come. Now is the perfect time to invest in a solar future.
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By choosing NC Solar Now, you can trust that your solar installation will be carried out with precision and attention to detail, meeting and exceeding industry standards. Our certifications not only demonstrate our commitment to excellence but also provide you with peace of mind knowing that your solar system is in the hands of skilled professionals. Experience the difference that certification makes with NC Solar Now and embark on your journey towards a brighter, more sustainable future today.
NC Solar Now excels in providing comprehensive solar savings analyses, offering invaluable insights into the financial benefits of transitioning to solar energy. Leveraging their expertise and cutting-edge technology, NC Solar Now conducts thorough assessments tailored to each client’s specific needs and circumstances.
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