Benefits of Solar
South Carolina has some of the best tax incentives in the country.
Attention South Carolina Homeowners...
As a South Carolina residential homeowner, you can be entitled to 47% back of the total cost of solar equipment and installation in the form of a tax credit (Federal Government= 22%, SC State Government = 25%).
A tax credit is a dollar-for-dollar credit against your tax liability for that year, where as a tax deduction just lessens your taxable income. That means if you are employed and they take taxes out of your check every pay period, you will receive a much larger refund check when filing your tax return. If self-employed, you can partially cover or completely eliminate your tax burden at the end of the year.
The average solar energy user receives $5,000 to $10,000+ extra in just the federal tax refund and savings alone! Reinvest this money on something that pays you back dollar for dollar.
From administration to administration, this program can be taken away at any time.
Thanks to former presidents, on a federal level, this program has been extended to 2021. Although the longer we wait, the less money we get back from the federal government. As it stands, this program can be changed at anytime going forward with the new administration so it’s possible that this program could end starting next year. If you install solar this year you will be “grandfathered” in regardless of new administration decisions.
Save All Day. Every Day.
$0 down. Save money every month making cheaper solar payments. Save even more for years to come!
Solar offsets your utility bill. That means if your solar offsets 100% of your utility bill, you wont have a utility charge anymore.
When payments begin, they are typically the same or lower than what you spend every month for the same amount of power.
As power rates increase, you stay at a fixed, flat-rate payment. When homes that can’t qualify for solar have to pay increasing prices, you are locked in at your rate, giving you more control over your financial future.
Once paid off, enjoy an additional $100,000+ in savings over the life of the system. And one less bill every month.
Power ownership never looked so good!
A not so fun fact:
An Energy Information Administration report released in 2016 shows the average South Carolina resident spent $1,753 on electricity, about $400 more than the U.S. average and nearly twice the average customer in New Mexico, the lowest-expenditure state.
Interested in how much power you could offset with solar?
Net Energy Metering with SCE&G/Dominion
In 2014, Governor Nikki Haley Signed into action ACT 236, which opened the doors to residential solar in South Carolina. The goal of Act 236 as stated in S.C. Code Ann. §58-39 -110 is to “promote the establishment of a reliable, efficient and diversified portfolio of distributed energy resources”, for South Carolina. This required utility companies to offer net metering to homeowners on a first-come first-served basis until a certain capacity was hit. (84.5 megawatts).
Net metering allows a customer to have their own generating facility (ie. solar) to produce up to 100% of their own power needs and create freedom from their utility company. SCE&G/Dominion was given until the end of 2020 to hit this goal.
While the South Carolina Solar Project will work to raise that net metering cap, it’s important for homeowners considering going solar to get in before the cap is hit. Join your neighbors and take advantage of this opportunity today before it potentially goes away for good!
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