The solar energy system in South Carolina is perfectly suitable, considering that the State ranks 17th among the sunniest states in the country, with an average sunshine of 80.35%. Utilizing all the solar power will be an excellent opportunity to cut-cost on electricity bills.
According to the news, Palmetto State ranks 4th in the highest electric rates in the country, and policymakers are exploring measures to reduce property owners' expenses in their electric bills. Likewise, legislators seek to convert to sustainable energy sources like wind and Solar. South Carolinians can also use solar incentives and rebates to make their solar investment worthwhile!
Renewable Portfolio Standards are laws aimed at escalating the utilization of sustainable energy sources for electricity production. South Carolina does not have a mandatory RPS but implemented a voluntary Distributed Energy Resource Program, which set up an aim of two percent (2%) of collective generation capacity from distributed sources last 2021 to investor-owned utility companies. Among them is Duke Energy Carolinas, which already fulfilled the 2% aim and is ready to invest in sustainable energy facilities from 1 megawatt (MW) to 10 MW with increasing installed capacity equivalent to one percent (1%) of the company's preceding five (5) years selling top demand average.
With South Carolina solar incentives, property owners can get a lump sum payment, or their installer can subtract the rebate from the final installation price. Rebates require paperwork, but many installers will handle the paperwork. Duke Energy offers an excellent $1/watt rebate off the cost of a solar energy system. Santee Cooper has a new solar incentives program wherein customers are eligible for a refund of $1.30/W of solar energy installed on their roofs, up to $5,200.
South Carolina offers excellent net metering, a plan for how solar panels connect to a public utility power grid so that the grid can suck up excess power. Property owners can offset their energy costs by selling excess to the grid. As a result, the property owner benefits by having the amount of energy deducted from their monthly bill or credited towards future bills.
One of the best reasons to purchase a solar panel system rather than lease is South Carolina energy tax credit. This type of solar incentive covers 25% of the total system cost! Don't worry if you don't meet the minimum threshold to claim the credit, as it can be carried over to the following fiscal year.
In South Carolina, Santee Cooper offers solar incentives for its clientele to install solar panels. Qualified Santee Cooper property owners can get up to $1,200 for each kW of solar power installed with a maximum acquired system size of 6kW.
As it currently stands, those who own a solar system can deduct 26% of its cost from their Federal taxes, thanks to the Federal Investment Tax Credit. This 2023, that percentage is expected to drop to 22% and finish by 2024, so don't hesitate to explore your options in going solar and benefit from the various South Carolian solar incentives and rebates the State offers!
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