South Carolina Solar Incentives
by Ryan Davis, on Feb 20, 2019 2:42:55 PM
South Carolina is among the greatest states in America to go solar. Thanks to year-round sunshine and great incentives, homeowners in South Carolina can save thousands when they install solar panels on their roof.
South Carolina Solar Energy Tax Credit
South Carolina homeowners can claim 25 percent of their solar costs as a tax credit. This tax credit can carry over for 10 years if you don’t pay enough in taxes to get the full value of the credit in one year.
Net Metering in South Carolina
Net Metering is a solar policy that allows South Carolina homeowners the ability to store energy in the electric grid. When your solar panels produce excess power, that energy is sent and stored in the grid. You can pull from the grid when your system is under producing such as nighttime. This allows you, with the right sized system, to produce enough electricity to match your home's use for an entire year using this stored energy.
Federal Tax Credit
The 30% federal tax credit, also known as Investment Tax Credit or ITC is an incentive that allows you to deduct 30% of the total cost of your solar system from your federal taxes. This is a dollar for dollar credit on your taxes, which is way more beneficial than a deduction. This saves customers an average of over $9,000 when going solar.
So you're probably saying, “Well this is all really cool, but how much does a solar system cost me right now?” The answer is NOTHING out of pocket. Right now, we have a program that allows you to take advantage of all of these incentives without paying a dime right now. So to be clear, you can own your own power plant on your roof for less than you rent your power for every month.