Solar is on the rise for South Carolina, with a 38% pricing decrease over the last 5 years with over 1,100 megawatts installed placing the state 16th in the nation for total installed solar capacity. There is enough solar now in the state to power over 130,000 homes, and it is expected that over 1,400 more megawatts will be added over the next 5 years.
It’s time to start the trend in your community! Join your neighbors and start lowering your monthly expenses.
*2019 Q4 statistic
Incentives, Rebates, & Tax Credits Available in South Carolina
The ITC is a driving force behind increased solar adoption in the United States. Since its implementation in 2006, solar installation has grown by over 1600% with an average annual growth rate of 76%.
The tax credit is available for purchased solar systems is worth 26% of the cost of the system, which is paid back to the homeowner and determined by the amount of the individual’s taxable income that year.
Net metering is a utility billing system the will credit homeowners for any excess electricity that their solar system produces. The excess power is sent back into the grid for community use through a bidirectional meter. The credits provided are meant to supplement the homeowner’s energy use at night or when it’s cloudy when the system isn’t producing as much.
The state of South Carolina offers a 25% tax credit of the total cost of your solar system, worth up to $35,000 (or $3,500per year for up to 10 years). This is an added savings benefit to accompany the federal tax credit that has helped motivate the solar boom since 2006.
You may be eligible to receive additional rebates to help cover the cost of purchasing your solar system, or earn payments for every kilowatt-hour (kWh) of electricity the panels generate.
Duke Energy Progress is offering its customers a $1.00 rebate for every watt of solar they install with no limitation. Customers of Santee Cooper are eligible for rebates worth $1.30 per watt that is installed, up to $5,200.
Want to take advantage of these great tax incentives?
South Carolina is projected to add another 1,475 MW to its portfolio over the next 5 years. With nearly 20,000 total solar installations completed, here are some additional stats regarding South Carolina’s solar landscape: