North Carolina has been a leader in promoting solar energy, offering homeowners net metering, a policy that allows homeowners to get credit for excess solar energy they produce. However, changes are coming to the state’s net metering policy that homeowners should be aware of.
In November 2021, Duke Energy proposed changes to North Carolina’s net metering policy, and a version of those changes was approved by the NC Utilities Commission on March 23, 2023. These changes will go into effect on October 1st, 2023, and they will affect both new and existing solar customers.
What’s changing with Net metering in North Carolina?
For homeowners who submit an interconnection application to Duke Energy before October 1st, 2023. They will grandfathered into the legacy net metering program until 2027. After January 1, 2027, these solar customers will switch to the modified net metering rate for 12 years. And then switch to the new time-of-use (TOU) rate. Additionally, a new solar billing structure with different fees will introduced in 2027.
For homeowners who go solar after October 1st, 2023, the legacy net metering program will not be available. Instead, they will need to choose between a modified net metering rate or the new TOU rate. Choosing the best rate option will depend on several factors, such as whether they have batteries, their energy demand. Whether they own or plan to own an electric vehicle, their lifestyle habits, and more.
New solar customers will also face a new set of fees that will applied to them. The changes in the net metering program will introduce a modified net metering structure. And a secondary TOU rate plan with a new billing system. These changes are still developing, but homeowners who go solar now will have the best opportunity to control the value of the energy their system produces in this new era of solar in North Carolina.
If you are considering going solar, the best time to go solar is right now so you will grandfathered into the current net metering structure. And take advantage of North Carolina’s renewed 30% Federal Tax Credit for solar.Â
Changes in Net metering: the best time to go solar in North Carolina
The proposed changes to North Carolina’s net metering policy will impact both current and future solar customers. Those who submit their interconnection applications before October 1st, 2023, will be able to benefit from the legacy net metering program until 2027, after which they will switch to the modified net metering rate for 12 years before transitioning to the new TOU rate. Moreover, a new solar billing structure with different fees will be introduced in 2027.
For those considering going solar, now is the optimal time to do so to take full advantage of the current net metering policy. Going solar before October 1st, 2023, offers the most certainty in terms of financial investment and presents more options for homeowners as the policy continues to evolve. By doing so, homeowners can maximize the value of their solar system and reap the benefits of net metering.
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