With ever increasing power bills, it is no surprise that many homeowners are deciding to switch over to solar power. All over the country, solar is steadily growing, but in South Carolina, solar is booming. Here are the top reasons why solar is a great choice for South Carolina residents:
Federal Solar Tax Credit
The federal solar tax credit, also known as the investment tax credit (ITC), lets you deduct 30 percent of the cost of your solar power system. The federal tax credit applies to both commercial and residential systems. The federal tax credit can be used all at once or it can be used indefinitely until you are able to use all of the tax credit and there is no cap on its value.
South Carolina State Tax Credit
South Carolina is currently offering residents a 25% tax credit for switching to solar energy. This tax credit is capped at $3500 a year for 10 years at a maximum credit of $35,000. This would mean that the same $25,000 solar power system would qualify for a $6,250 credit towards SC state income taxes. This tax credit makes solar a little more affordable for residents.
Most of South Carolina’s largest utility companies such as Duke, SCE&G, and Blue Ridge Cooperative are participating in net-metering. According to Energy.SC.gov, “net metering employs a standard electrical meter to record the flow of energy back and forth between a customer-generator and the utility’s power grid. Net metering is usually created as an incentive for homeowners and small businesses to invest in renewable power systems.” With net-metering, batteries are no longer necessary and this reduces the cost for the homeowner significantly.
Solar is More Affordable Than Ever
With utility rates in South Carolina reaching up to 15 cents a kilowatt hour, creating your own energy now costs less than buying from your local utility. SCE&G is currently the highest at 15 cents and Blue Ridge is right behind at over 13 cents, depending on the consumer. After purchasing your solar power system with cash and applying your tax credits, you could expect to pay less than half per kilowatt hour, which is a significant savings. Of course, every home and homeowner is different and a proper analysis of your home would be needed to calculate your specific savings.
Plenty of Sunshine
South Carolina is one of the fortunate states that’s climate produces an abundant amount of sunshine. The upstate receives about 121 clear days annually, which produces thousands of usable solar power hours each year. This amount of sunshine also reduces the size of the solar energy system needed for the homeowner to power their home each year.
From federal tax credits, South Carolina state tax credits, net-metering with the major power companies, low cost per kWh and maximum sun exposure, South Carolina is an ideal place to switch to solar energy.
Let’s Get Started!
There has never been a better time to go solar in South Carolina and with the Federal and South Carolina State tax credits, solar is now more affordable than ever and much better for the environment. With ever increasing power bills, solar power makes economic sense for South Carolinians to make the switch and reap the financial rewards.
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