North Carolina taxpayers enjoy a 35 percent renewable energy installation tax credit. This credit is good for North Carolina. It brings in $1.54 in state and local tax revenue for every $1 it costs the state. Sadly, it is slated to expire at the end of 2015.
The credit is also critical for churches like mine in Raleigh, Community United Church of Christ. We used the tax credit that donors to nonprofit renewable energy projects can take to help raise the funds for solar installation on our roof.
However, the Duke Energy rooftop solar interconnection approval process has slowed dramatically, and we are concerned that we may now miss the tax credit cut-off of Dec. 31. Other churches and nonprofits are in similar situations.
We need extension of the credit to ensure completion of our projects in time. The extension’s fate will be decided soon in the N.C. legislature’s budget conference committee. I hope that the committee can agree to a two-year extension.
Then donors will be assured the credit, and our leaders will have helped keep the strong North Carolina renewable energy industry strong.