Created: 6/7/2009 10:13:16 PM 
Powering your home the green way takes a lot of green out of your wallet, especially when you are talking about installing solar panels.
The federal and state governments continue to offer tax credits to those willing to make the "green" sacrifice, but now power companies are offering incentives to homeowners to install rooftop solar panels too.
Progress energy will pay up to 10,000 dollars to install solar panels on a residential roof and up to 20,000 to businesses. (See details below)
Duke Energy is looking to rent rooftops for solar panels. Duke will maintain the panels, which will create a solar network that can serve 13-hundred homes. (See details below)
With all these new incentives, WFMY News 2's Ashley Smith went to get answer on how cost effective the transition to green energy really is.
William Bostic, owner of Evergreen Energy, explains that there are two common types of solar panels. The ones that heat water and the ones that create electricity. The panels made for heating water only take three to four years to pay themselves off. The photovoltaic solar panels, or the ones that create electricity, take a little longer. "The system will pay for itself from somewhere between seven to ten years, but with the new incentives, that will probably come down to seven or a little less. After that, of course, as the cost of electricity continues to rise, the value of the power that you're generating with your photovoltaic system is going to increase," said Bostic.
It seems all the incentives are turning sunlight-farming into a long term cost effective solution.
Progress Energy Incentive
A North Carolina utility plans to offer customers as much as $20,000 for installing solar panels on their rooftops in a program to boost green energy.
The News & Observer of Raleigh reported that Progress Energy's offer is designed to help it comply with a state law requiring more use of renewable energy and conservation.
Rebates will be available in the fall and will help slash the cost of one of the more expensive forms of energy by 75 percent.
Progress has 71 customers in North and South Carolina who already use solar panels. They won't be eligible for the rebates.
Duke Energy Incentive
Duke Energy plans to build between 100 and 400 electricity-generating mini solar power plants in North Carolina over the next two years in one of the first large-scale initiatives of its kind in the U.S.
Qualified Host Sites will meet the following criteria:
-- You are a Duke Energy Carolinas customer located in North Carolina.
-- You own the home or property.
-- The roof being considered is five years old or less.
-- The area being considered for solar panels is not shaded from the sun by trees or other obstructions.
They will start selecting hosts soon. They warn a large number of request have been submitted, but people can still apply.
TO APPLY: Click here to fill out the form
Duke Energy will own and maintain the solar panels during their expected 25-year lifespan. The company also will own the electricity generated and pay a rental fee to property owners who host the panels for use of their roofs or land, based on the size of the installation and amount of electricity generated at any given site.
