South Carolina Solar Panels
South Carolina, the Palmetto State, is known for its beautiful scenery which includes nearly 28,000 acres of national forests. This historical city draws thousands of visitors each year with popular destinations such as the famous Myrtle Beach and the Blueridge Mountains. Tourism in South Carolina is always booming, and so is the hot sun. It’s no surprise that solar energy in South Carolina is rapidly growing, especially with the rising electricity rates across the state. With new legislation making it easier, South Carolinians can now take advantage of federal and state tax rebates to keep The Palmetto State clean and beautiful.
South Carolina Solar Incentives
In South Carolina, solar panels are a great addition to your home or business. While they certainly keep the environment green by producing renewable energy, they also keep your wallet green. Since solar panels draw energy only from the sun, you’ll save money each month thanks to a lower electric bill. And with the 26% Federal Solar Tax Credit, the 25% South Carolina Solar Tax Credit, and Sunpro Solar’s 25-year warranties and guarantees, going solar is easier than ever!Start Saving Today
26% Federal Solar Tax Credit
Going green with South Carolina solar panels is easier than ever, especially with this incentive. The federal government knows that renewable clean energy, like solar power, is the best way to power your South Carolina home. Because of this, they’ve put the 26% Federal Solar Tax Credit into place to help people purchase and install solar panels. With this incentive, you can get up to 26% of the total cost of your South Carolina solar panels back in tax credits. That includes the cost of installation. And if you don’t use all your tax credits that year, they just roll over to the next year.
However, this particular incentive will not be available forever. When you decide to go solar in South Carolina, take advantage of the 26% tax credit through the end of 2022. The Solar Federal Tax Credit for homeowners with solar power will drop to 22% in 2023.
25% South Carolina Solar Tax Credit
Of all South Carolina solar incentives out there, this one takes the cake. With this incentive, South Carolinians who install solar panels can also get a state tax credit. This tax credit amount is 25% of the purchase and installation costs. Just like the Federal Solar Tax Credit, you can use this tax credit to help you cover the cost of solar panels.
However, in South Carolina, the amount of your tax credit you can use in one tax year is limited. You can apply either $3,500 of your tax credit to your tax liability, or use it to cover 50% of your tax liability. The lesser of the two is the option you may take. The good news is, any tax credits you have leftover don’t expire- they just roll over to the next year!
With the Federal Solar Tax Credit and the South Carolina Solar Tax Credit, you can basically get your solar panels at a 51% discount. If your solar panel system costs you $22,000, with both these incentives, you’d get $11,220 back in tax credits. That means that the total cost to you is just $10,780. That is amazing!
Net Metering and Power Performance Payments
Net metering is another good way to get the most out of your solar energy system. With net metering, any electricity that your solar panels produce that you don’t use is sent to your electric utility grid. Then your account is credited for that power, reducing your electric bill even further. There’s also a system similar to net metering called Power Performance Payments. With this system your electricity is still sent to the grid, you are just credited for each full kW.
South Carolina allows for both systems. There are a few electric utility companies that offer these programs in the state.
Any renewable energy credits produced by the customer’s generation shall be solely owned and retained by the customer until a market for RECs is fully developed as determined by the Commission. At that time, then annually, any RECs associated with net excess generation shall be granted to the company on May 31st of each year.
Solar Panels Increase Home Value in South Carolina
Not only do solar panels save you money, they also add value to your home. And if you live in South Carolina, according to CNBC, it’s one of the top states in the country for the highest selling value with solar installed. Here are their rankings for how much solar adds value to the median-valued home:
- New Jersey: 9.9% or $32,281
- Pennsylvania: 4.9% or $8,589
- North Carolina: 4.8% or $8,996
- Louisiana: 4.9% or $7,037
- Washington: 4.1% or $15,916
- Florida: 4% $9,454
- Hawaii: 4% or $24,526
- Maryland: 3.8% or $10,976
- New York: 3.6% or $10,981
- South Carolina: 3.5% or $5,866
Even the experts agree! In a comprehensive report done by the US Department of Energy and National Renewable Energy Laboratory (NREL), they found out having solar panels installed to your home helps sell your home faster and get more money for it!
On average, solar panels add $20 of value for every $1 you save on your electric bill. So if you saved $200 a month on your electric bill with solar panels, you’d have an additional $4,000 of value added to your home.
And again in 2015 the Department of Energy and Berkeley Laboratory confirmed these findings with another study on the real estate market. After analyzing 22,000 homes, they found that homes with solar panels fetched a higher asking price than those without. About $4/watt, which comes out to be around $15,000 for residential, depending on your home and solar system.
In addition, solar panels can help your property spend less time on the market. In another study done by NREL, they found that solar properties earned about 17% more at closing, in addition to selling 20% faster.
South Carolina Solar Installation Company, Sunpro Solar
For over 10 years, Sunpro Solar has been installing solar panels in the Southeastern United States, including South Carolina. We offer nothing less than the best to our customers, from our customer service to the materials we use. We use brands such as LG and Silfab Solar for our solar panels, and Enphase microinverters. We strive to set ourselves apart from other solar companies with each installation we perform by going above and beyond your expectations.
With each installation performed by Sunpro Solar, you also receive:
- Our 25 Year Production Guarantee
- Our 25 Year Labor Warranty
- 25 Year Solar Panel Manufacturer Warranty
- 25 Year Enphase Microinverter Warranty
- A FREE Energy Audit of your home to ensure maximum savings for you.
South Carolina solar company Sunpro Solar is here to help you get the solar panel system you want.Start Saving Today