by Ryan Davis, on Jul 25, 2017 3:00:52 PM
Abandoning your utility company for solar makes sense in the sunny state of South Carolina. If you live within South Carolina and you are thinking about installing solar on your home, then you have come to the right place! Here is a list of everything you should know about going solar in South Carolina.
Solar Programs in South Carolina (tax incentives)
South Carolina’s solar tax incentives are among the best in the entire country for homeowners. When you install solar on your home in South Carolina, you can claim a state solar tax credit worth 25% of the purchase and installation costs. The maximum tax credit that can be applied in a single tax year is $3,500 or 50% of your state tax liability, whichever is less. Unused credits can be carried forward for 10 years.
Along with the 25% state tax credit, there is a 30% federal tax credit, so in South Carolina you can receive a massive 55% off the entire cost of your home’s solar system! You will actually make money in the first year when you apply these massive credits. There is no cap limit on the federal tax credit.
The massive solar tax incentives make going solar in South Carolina a great investment. Solar homeowners are saving money on day one, and will continue to put money back into their pockets over time.
Solar Loans in South Carolina
If you want to switch to solar energy in South Carolina, you don’t need thousands of dollars laying around to pay the cost to do so. As long as you own your home, you can save the entire out of pocket cost to switch to solar, and still reap all of the benefits solar has to offer as a result of these programs.
Using a loan paired with solar incentives is a lot like investing in a business that has a 100% chance of success. All of this is possible with no net out of pocket cost. You’ll even end up with 2 tax credits and experience a nice profit over the lifetime of the system.
Purchasing Solar Outright in South Carolina
If you decide you want to purchase your solar system outright, you will find the option with the biggest financial return. Owning your system increases the value of your home and generates positive cash flow in the short term. Solar ownership paired with your eliminated power costs are saving South Carolina homeowners hundreds of dollars the first year and saving with increases annually.
Net Metering in South Carolina
Net metering refers to the agreement made between homeowners producing solar power and their local electric utility. This agreement allows solar homeowners to sell energy back to their electric utility. When your solar panels produce more power than you are actually consuming, the excess power is put back onto the grid. Because of net metering, your local utility will pay you for that excess power. As a result, when you recieve your monthly utility bill, you only pay the “net” of what you used minus the energy that you sold back to the power company.
See How Solar Can Work For You!
Get a free solar estimate for your property to see how solar can benefit you! With Summit, you can get the facts about solar for your property.
