- The NC Renewable Energy Portfolio Standard (REPS) requires that NC utilities have 12.5% of their retail sales come from renewable energy sources by 2021.
- NC’s Southeast has substantial existing biomass supply structure, one of the largest volumes of swine and chicken waste in the US, some of the best wind volumes in NC and ample solar and hydro potential.
- NC Energy Office – the State’s lead organization to implement the State Energy Plan.
- NC Biofuels Center – an organization created by the NC Legislature to support and encourage the development of a biofuels industry in NC.
- NC Solar Center – an organization within NC State University to advance the use of all renewable energy resources.
- NC Green Power – an independent, nonprofit organization established to improve North Carolina’s environment through voluntary contributions toward renewable energy and the mitigation of greenhouse gases.
Tax Credits, Exemptions and Potential Sources of Investment Capital
- NC Renewable Energy Tax Credits – 35% state income tax credit on qualifying project capital costs.
- Green Business Fund – NC Board of Science and Technology $1million fund to help companies develop cutting edge green and alternative energy technologies for the marketplace.
- Natural Capital Investment Fund – private company that provides debt and equity financing to small and emerging natural resources-based businesses predominately in economically distressed rural communities.
- Property tax abatements for solar generation systems – exempts 80% of appraised value.
- Property tax exemption for active solar heating and cooling systems.
- Energy improvement Loan Program – Max $500,000 low interest loan from the State Energy Office for energy efficiency and renewable energy projects.
- Progress Energy’s “SunSense” – residential and commercial solar incentives for new installations, 100 MW goal.
- NC’s Southeast Region has many acres of flat open fields near transmission lines for utility-scale PV development
- DuPont, Fayetteville, manufactures polyvinyl fluoride film used in photovoltaic solar panels
- NC’s Southeast coastal areas are among the best for wind energy development (class 3 or better)
- The US Department of Energy believes NC offshore wind resources total more than 10,000 MW
- A NC Utility Commission study suggests there are over 500 MW of economically viable wind resources on land at the coast
- Biomass / biofuel
- The 11 counties in NCSE Region produced (US Forest Service, Timber Products Output report 2007):
- Roundwood products 145,276,000 cu ft
- Logging residue 33,242,000 cu ft
- Other removals 26,742,000 cu ft
- Bark & wood residue 38,870,830 cu ft (648,387.5 dry tons)
- The region has suppliers of biomass products and services
- 40 logging companies
- 5 forest service companies and organizations
- 78 wood products companies
- 20 pulp and paper companies
- Landfill gas
- The Region has 11 local landfills with gas gathering potential ranging in size from almost 4 million to 350,000 tons in place, averaging 1.5 million.
- Regional river basins supply approximately 75 MW and 225 MW of power from existing dams.
- Traditional energy
- General Electric’s Nuclear division is headquartered in Wilmington where they design, develop and manufacture nuclear power generation equipment.
- Workforce that is 10% more productive than the national average.
- The second lowest unionization rates in the country (4.1%).
- 2 deep water ports in NC and within 200 miles of the highest volume ports on the east coast (Norfolk, VA and Charleston, SC)
- Free customizable training programs through NC’s Community College system at any of our eight Community Colleges.
- Foreign Trade Zone 214 at the Port of Wilmington and Foreign Trade Zone 93 inland.
- Highly competitive incentives and financial assistance.
- Population growth at nearly twice the national average.
- Quality of life that attracts and retains talent with a cost of living that is lower than the national average.