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Funding Resources

Funding Resources
NC Renewable Energy Tax Credit
Type of IncentiveTax
Eligible StatesNC
Eligible TechnologyBackpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine
Eligible FuelBiogas, Biomass, LFG, Municipal Solid Waste, Other
Eligible Project SizeAll (MW)
Critical InformationThe revised statute provides for an expanded tax credit of 35 percent of the cost of renewable energy systems built, purchased, or leased by a taxpayer and placed into service in North Carolina during the taxable year. The credit first became effective on January 1, 2000, and in September 2005, the credits were extended for another five years (until the end of 2010).

A maximum of $2,500,000 is available per commercial installation. Between $1,400 and $10,500 (depending upon the technology) is available for personal installations. Eligible renewable systems are those that use one or more of the following: solar projects; landfill gas; wind; biomass; hydroelectric; spent pulping liquid; daylighting; anaerobic digestion; ethanol; methanol; and biodiesel projects. The maximum system limit is 50 kilowatt-hour (kWh) battery storage capacity per kilowatt (kW) of hydro generation capacity and a maximum of 35 kWh battery storage capacity per kW for other technologies.
Start Date1/1/2000
End Date12/31/2010
Minimum Efficiency (%)

 

Additional InformationRenewable energy equipment costs eligible for the tax credit include the cost of the equipment and associated design, construction costs and installation costs less any discounts, rebates, advertising, installation assistance credits, name referral allowances or other similar reductions.

Under North Carolina's tax code, the allowable credit may not exceed 50 percent of a taxpayer's liability for the year, reduced by the sum of all other credits. The credit is taken in five equal installments beginning with the year in which the property is placed in service. If the credit is not used entirely during these five years, the remaining amount may be carried over for the next five years. The credit can be taken against franchise tax, income tax or, if the taxpayer is an insurance company, against the gross premiums tax.
Web Sitehttp://www.dsireusa.org/library/includes/
incentive2.cfm?Incentive_Code=NC19F&state=NC&CurrentPageID=1&RE=1&EE=1
Exit EPA
Primary ContactBob McGuffey
Campus Box 7401
North Carolina State University
Raleigh, NC 27695
U.S.A.
Bob McGuffey (bob_mcguffey@ncsu.edu)
(919) 515-3480
(919) 515-5778
Additional Contact NameBob McGuffey
Campus Box 7401
North Carolina State University
Raleigh, NC 27695
U.S.A.
Bob McGuffey (bob_mcguffey@ncsu.edu)
(919) 515-3480
(919) 515-5778

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