The inevitable transition to renewable energy is thriving in North Carolina. About 1,200 companies have earned nearly $5 billion in revenue, making the state first in solar investment in the South. Two bills in the N.C. General Assembly that could encourage further growth should be passed
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Senate Bill 329 would extend the existing renewable energy investment tax credit available to businesses and residential customers until the end of 2019. This tax credit, in concert with federal incentives, significantly lowers the price of otherwise prohibitively expensive solar panel installations.
Tax credits have consistently enjoyed bipartisan support, including from the Republicans who introduced this bill. At the North Carolina Clean Tech Summit in February, Rep. Jason Saine, R-Lincoln, reminded a panel audience that the tax credit is essentially a Reagan era tax cut. This legislation is a win for everyone involved.
Also introduced was House Bill 245, the Energy Freedom Act. This legislation would allow for entities such as the University to enter third-party power purchase agreements with solar companies without having to go through the utility as a middle man, drastically reducing the cost of these projects.
