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Funding Resources
Funding Resources
| NC Renewable Energy Tax Credit | |
|---|---|
| Type of Incentive | Tax |
| Eligible States | NC |
| Eligible Technology | Backpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine |
| Eligible Fuel | Biogas, Biomass, LFG, Municipal Solid Waste, Other |
| Eligible Project Size | All (MW) |
| Critical Information | The 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 Date | 1/1/2000 |
| End Date | 12/31/2010 |
| Minimum Efficiency (%) |
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| Additional Information | Renewable 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 Site | http://www.dsireusa.org/library/includes/ incentive2.cfm?Incentive_Code=NC19F&state=NC&CurrentPageID=1&RE=1&EE=1  |
| Primary Contact | Bob 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 Name | Bob 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 |