Financial Incentives / State Tax Credits

(Renewable Energy Tax Credit – Corporate)

State incentives vary by state. In North Carolina, there is a 35% state tax credit to be taken over
5 years.

North Carolina offers a tax credit equal to 35% of the cost of eligible renewable energy property constructed, purchased or leased by a taxpayer and placed into service in North Carolina during the taxable year. The credit has been amended several times since its original inception.

House Bill 512 of 2009 extended the eligibility to geothermal equipment, extended the expiration date to December 31, 2015, and allowed the credit to be taken against the Gross Premiums Tax. HB 1829 of 2010 further extended this credit to combined heat and power systems. The credit is subject to various ceilings depending on sector and the type of renewable-energy system.

The credit limits for various technologies and sectors apply. This link has details.

Specific requirements apply. Check with your accountant for applicability.