Duke Energy should boost its solar rebates
Last May my husband and I had a solar power system installed on our home. It’s a good-sized system and we are very happy with our installation. But I have some strong thoughts on the Duke Energy Rebate Program.
Don’t get me wrong; we appreciated receiving a $6,000 rebate check from Duke Energy last summer. Who wouldn’t? But the truth is, the funds that Duke Energy set aside for their Solar Rebate Program to support residential solar ran out within the first two weeks last year. And this year, 2019, they ran out within the first two days! It’s already gone! So is the money for business rebates. So why, when there is clearly so much public interest, do I call their program a “disincentive” you may wonder? Well, according to Stew Miller, CEO of Yes Solar Solutions, the firm that installed our solar, they have indeed been flooded by people interested in putting solar on their homes and businesses and in taking advantage of the Duke Energy Solar Rebate program. But when they learned who would receive rebates this year and who would not, well, most of the customers who would not receive one opted to instead hold off until next year; thus the disincentive of Duke Energy’s rebate program.
I would wager this has been Duke Energy’s plan all along. They are obligated to distribute about $10 million for the program this year. That may seem like a lot, but we’re talking about a multi-billion dollar company that pays their CEO Lynn Good over $21 million a year. They have a lot more money they could invest in this program if they truly wanted our state to move to a clean energy future. So why wouldn’t they? And what makes me think they don’t want a clean energy future?
Well, first off, they have already released their energy plans through 2033 and therein identify that by 2033 only 8 percent of their energy will come from clean, renewable energy sources, such as solar and wind. That’s it. Just 8 percent.
The truth is, in fact, quite frightening. You see, Duke plans to instead build out natural gas infrastructure across our state. And research shows that burning natural gas, what Duke calls a “bridge fuel,” is more than twice as bad for climate as is burning coal.
You see, Duke Energy makes lots more money, to the tune of billions of dollars more, on building new natural gas pipelines and natural gas infrastructure, than they do on building solar and wind energy systems. It is in Duke’s interests, and those of their shareholders, that they make the most money possible. And this means NOT pursuing clean, renewable, affordable solar energy. This means marrying all of us to a dirty energy future that will doom us all.
Wow.
Is there any good news? Well, yes! So glad you asked! Even without the Duke Energy rebate, it is still almost always more economical to go ahead and get solar installed on your home or business, and it is arguably one of the best investments you could make today. Prices have dropped by about 50 percent in the past five years, and there is currently a 30% federal renewable energy tax credit (based on the total cost of installation – huge!) through the end of 2019. And the eligible deduction can be carried forward to the succeeding taxable year if you have not paid this amount in federal taxes in 2019. The tax credit amount drops gradually after 2019, so don’t wait! Learn more at dsireusa.org
And even better? There are quite a few companies that will finance your solar installation, and your monthly payment will likely be less than your current monthly energy bill to Duke. And you’ll be making your own energy!
Amanda Robertson is co-chair of NC Climate Solutions Coalition, a 501(c)(3) North Carolina nonprofit corporation.
This story was originally published January 26, 2019 at 3:58 PM with the headline "Duke Energy should boost its solar rebates."