North Carolina is currently ranked third in utility-scale solar development right behind California and Nevada. We have 803 megawatts (MW) of solar in development or under construction, which is enough to power 300,000 homes at peak hours! The amount of solar energy in North Carolina is expected to grow four times as much by 2040 (SNL).
Policies like the Renewable Energy Portfolio Standard (REPS) have contributed to the growth of solar energy throughout the country. Having one of the first and most aggressive REPS in the south, North Carolina utilities are well on track to meet their goal of generating 12.5% of electricity from renewable sources by 2020. Additionally, prices have dropped significantly in the past 5 years, roughly by 14% for residential systems, and are expected to continue to drop.
North Carolina's state tax credit of 35% and the federal tax credit of 30% have been a huge motivation for residents to invest in solar. A study done by Market Strategies International found that 51% of respondents were more interested in installing a solar electric system on their home after they found out how the tax credits factor in to the average cost of installing on a typical home of $30,000, which will produce 60% of the home's electricity. The survey also showed that households with incomes below $25,000 were interested in investing in solar. More people are starting to realize that solar is, in fact, a wise investment and the long-term savings are well-worth the now affordable up-front cost.
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