There is no better time than now to install a solar photovoltaic (PV) system for your farm. Incentives in the form of tax credits, grants and accelerated depreciation are making solar PV an attractive option for farmers across NC. This technology will allow farmers to generate electricity used on the farm to supplement the current usage or you can sell the power back the utility at a premium. With either option, these projects are typically seeing payback in the 2-5 year time frame.
Summary of Current Incentives:
- Federal - 30% tax credit or grant. Valid on all projects
- State - 35% tax credit spread over 5 years. Valid on all projects
- USDA - 25% grant. Must be applied for and awarded on case-by case basis.
- Accelerated Depreciation - First year 50% depreciation. MARCS 5 yr schedule. Valid on commercial projects
In addition to the attractive incentives, a PV system can be considered an additional revenue source for the farm. Every day that sun shines on the panels, electricity is generated and in turn money is generated. With panel warranties of 25-30 years, a PV system will be a stable investment producing revenue for several years. With minimal maintainance needed, this is the easiest cash crop you can install on your farm.
Helpful links:
NC Solar Center -
USDA -
NC Green Power -
