Adding solar panels and switching rate plans can lower your Duke Energy North Carolina electric bill
Updated: October 22, 2020There are three ways you can reduce your Duke NC bill: changing your habits, switching your rate plan, and adding solar panels.
You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.
The second thing you can do is switch your rate plan. Duke NC doesn't offer time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, but there may be other options for you .
Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.
On this page:
Solar panel cost calculator
How much can I reduce my Duke Energy North Carolina bill by switching to a different rate plan
For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to Duke Energy North Carolina each year for no reason.
Finding out what's available to you is as simple as a phone call or email to Duke Energy North Carolina. Even a small savings can be worth it.
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 full 1 for 1 net metering credits for exported solar power
Yes, Duke Energy North Carolina offers 1 for 1 net metering. This means you are paid the same rate for excess solar energy that you export to the utility grid during the middle of the day as what you pay for power purchased from the grid.
In the case of Duke Energy North Carolina, this is approximately $0.11 per kWh.
What incentives, tax credits and rebates are available to Duke NC customers for installing solar?
The major financial incentive currently available until the end of 2023 is the 30% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.
Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal 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.