Offsetting or Lowering Project Costs
Tax Credits, Loans, Grants and Rebates
In an effort to encourage economic development, job creation, and renewable energy generation, the State of North Carolina, local governments, and utilities are offering a bevy of renewable energy incentives. The State offers robust tax credits for renewable energy projects – a 35% corporate tax credit, a 35% personal tax credit, as well as two property tax incentives for various solar systems. Recently, local governments were granted authority by the State to set up revolving loan funds and property-assessed clean energy (“PACE”) financing.
To help promote the commercialization of new renewable energy technologies, the State, in conjunction with federal funds, also offers a grant program. Grants up to $100,000 are available for applications and innovations in biofuels, sustainable building practices, and private sector investment in renewable energy technologies. North Carolina-based businesses and nonprofits with fewer than 100 employees, as well as state and local governmental entities, are generally eligible. The funding for 2009-2010 has been increased to $5 million and the solicitation details for this funding section are currently under development.
Utilities in North Carolina are creating various incentives for renewable energy generation development, although many of these incentives are geared towards smaller systems. The incentives range from loan programs to rebates.
The Solar Center at North Carolina State University maintains the Database of State Incentives for Renewables and Efficiency (“DSIRE”). DSIRE is continually updated and is a good place to begin searching for all of the renewable energy incentives offered by various parties in North Carolina. Additional information on all of the incentives mentioned in this subsection can be found by visiting the North Carolina Incentives/Policies for Renewable Energy section of the DSIRE website.
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