Adding solar panels and switching rate plans can lower your Duke Energy North Carolina electric bill
Updated: October 22, 2020Installing solar panels can help reduce your Duke NC bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
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Solar panel cost calculator
Are solar panels worth it for Duke Energy North Carolina customers?
Probably. With the 26% Federal solar tax credit, and available North Carolina solar property tax exemption, home solar panels are an investment worthy of your careful consideration as a Duke Energy customer. Duke’s excess solar generation rate rider also allows you to get full credit on your power bill for the excess solar electricity your panels produce which you can’t use onsite. Your credits accrue at the same rate you pay for electricity, and roll over to the next month’s bill.
Does Duke Energy North Carolina offer net metering credits for exported solar power?
Yes, Duke Energy North Carolina offers net metering credits.
Under the Duke Energy North Carolina net metering program, solar panels will first send energy to your home. Any excess solar energy is sent to the grid and purchased in the form of a bill credit. The credit value is determined by the Tri-Party Net Metering Power Purchase Agreement. KUA customers are billed for all of the electric energy delivered to them by the company.
What incentives, tax credits, and rebates are available to Duke NC customers for installing solar?
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a Duke NC customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$6,239 |
|
Net Metering
(State)
New solar installation owners currently receive full retail rate for excess kWh produced. Credits not used by the end of the billing cycle get surrendered to utility with no compensation. A new net metering proposal has been submitted to the North Carolina Utility Commission and the docket is ongoing. |
Varies |
|
Property Tax Abatement for Solar Electric Systems
(State)
100% of appraised value of residential solar system is exempt from property taxes. |
Varies |
|
Duke Energy Solar Rebate Program
(Utility)
This incentive program opens applications early each January and July for installations not yet completed or completed during the previous 90 days. It usually sees about 3,000 applications for the ~1,600 available rebates, meaning some folks who apply won't get the rebate. Installers typically have many employees submitting rebates the moment the online application portal opens. Applications that don't qualify immediately get placed on a waitlist, and may receive the rebate if space opens up. The program runs through 2022. |
-$4,000 |
| TOTAL | -$10,239 |
*Based on 10.21 kW system, average installation cost $24,798
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 the best online solar panels calculator, it tells you that you need a 10.21 kW solar system that will produce 14,314 kWh per year and that this system will return the owner a $44,527 profit after repaying the cost of the system.
The solar savings possible for you as a Duke NC customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical Duke NC customer with a $160 per month electric bill prior to solar and who installs a 10.21 kW solar system.
How much do residential solar panels cost for Duke NC customers?
Solar prices near you
Net profit (savings less system cost)
$41,276-$50,448
Payback period
7.5-9.2 years
Recommended size for the selected utility bill
10.5kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 10.21 kW |
|
Annual Power Generation 14,314 kWh |
|
Pay-back time (assuming Cash purchase) 8.2 Years |
|
Internal Rate of Return (IRR) on Investment 8.7% |
|
Gross cost $24,798 |
|
Total Upfront Incentives and Rebates -$9,946 |
|
Net Cost of System after rebates and incentives $14,848 |
|
Total Cost of Utility Power Avoided over 25 years $59,375 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Duke Energy North Carolina customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Duke Energy North Carolina customer installing a 10.21 kW solar system on their property:
A solar system generating 14,314 kWh per year will save you money AND make the world a nicer place
Saves you
$1,781
on average per year
Reduces CO2 emissions
7.09
tons per year
Equivalent to planting
50 trees
per year
Equivalent to driving
15,674 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Duke Energy North Carolina customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.43 per watt or $14,848 for a standard 10.21 kW solar system after the customer claims the 30% federal solar tax credit.