In 2023, a growing number of North Carolinians took advantage of the financial benefits offered by thesolar energy and the initiatives ofenergy efficiency, resulting in impressive tax savings exceeding the $170 million. This trend not only illustrates the growing importance of sustainable energy solutions, but also their direct impact on household budgets. Tax incentives and tax credits related to the installation of solar systems and the improvement of energy efficiency have become powerful tools to encourage investments in environmentally friendly technologies, while facilitating access to greener and more economical energy.
In 2023, more than 85,350 North Carolinians benefited from significant tax savings, totaling more than $170 million, thanks to the adoption of thehome solar energy and to projects ofenergy efficiencyThis remarkable development is part of the tax credits offered to owners who invest in sustainable energy solutions, thus promoting a transition towards more environmentally friendly practices.
Solar Energy Tax Credits
US owners have the option to receive a refund of up to 30 % costs installation of solar energy systems or other renewable energy technologies through the Residential Solar Energy Tax Credit. This credit, an integral part of the Inflation Reduction Act adopted in August 2022, has already enabled 26,470 Carolinians to achieve tax savings of more than $110 million over the past year.
Improving energy efficiency
In addition to solar-related credits, the Inflation Reduction Act also proposes a Home Energy Efficiency Improvement Tax Credit. This program offers credits of up to $3,200 for the implementation of improvements such as the installation ofinsulations, of heat pumps, of windows and other energy-saving devices. By 2023, 62,490 Carolinians have thus saved an additional amount of almost $63 million thanks to this credit.
The many benefits of tax credits
More than 3,500 North Carolina residents have taken advantage of both credits, combining the benefits of solar energy and energy efficiency projects, thereby maximizing their tax savings. This integrated approach not only reduces the amount of taxes, but also contributes to environmental sustainability.
Future prospects
By 2025, even more benefits will be available to North Carolinians under the Inflation Reduction Act, including tax credits for appliances, electrical panels and water-source heat pump heating systems. These new measures are intended to strengthen efforts to promote renewable energy and energy efficiency in the state.
How to take advantage of these tax credits
Residents interested in these tax credits can consult the Home Clean Energy Toolkit which provides information on how to take advantage of these opportunities. The adoption of sustainable energy solutions is therefore part of an approach that is both economic and ecological.
Comparing North Carolina Tax Savings from Solar Energy
| Investment type | Savings achieved (in millions USD) |
| Installation of solar panels | 110 |
| Energy efficiency improvements | 63 |
| Residential Clean Energy Tax Credit | 170 |
| Energy Efficiency Improvement Tax Credit | 3,2 |