SolarReviews | South Carolina Solar Power Rebates and Incentives
Solar Power Rebates, Tax Credits and Solar Panel Incentives in South Carolina; 2012 Update
August 2012 update: Duke energy is no longer offering seperate pricing for SREC's under its standards offer program. All REC's including SREC's will now recieve $5 M/wh
Upfront incentive personal state tax credit in South Carolina
In South Carolina, taxpayers may claim a credit of 25% of the costs of purchasing and installing a solar panel system. The maximum credit a taxpayer may take in any one tax year is $3,500 for each facility or 50% of the taxpayer's tax liability for that taxable year, whichever is less. Unused credit, or credit that exceeds the annual cap, may be carried forward for 10 years.
Upfront incentive corporate state tax credit in South Carolina
In South Carolina, taxpayers may claim a credit of 25% of the costs of purchasing and installing a solar energy system. The maximum credit a taxpayer may take in any one tax year is $3,500 for each facility or 50% of the taxpayer's tax liability for that taxable year, whichever is less. Unused credit, or credit that exceeds the annual cap, may be carried forward for 10 years.
Net metering of Solar Power systems in South Carolina
South Carolina has a net metering scheme that offers customers a 1:1 credit on their next bill for kwhs of solar generated power that is fed back into the grid. The good thing about net metering in South Carolina is that it is a 1:1 credit but the down side is that any excess kwh credits at the end of the year are forfeited to the utility without payment. As such South Carolina residents need to be careful to size systems so that the total production is not more than total consumption.
Renewable Portfolio standard in South Carolina
There is a renewable energy portfolio standard in South Carolina and because of this the utilities offer a standard price to purchase Recs form solar customers.
|Size of System (kw)||
|Space required (square feet)||
|Price of system per watt||
|Price of power (marginal cost high usage kwh's) $ per kwh||
|Average daily kwh produced per 1 kw of solar||
|Total average daily production||
|Total Price (before incentives)||
|Federal Tax Credit||
|State Tax Credit||
|Actual out of pocket cost after incentives claimed||
|Annual Power production||
|Total Annual Energy savings based on 1:1 net metering||
|Annual income from Rec's @ 20 per MWh||
|Total Annual Return||
|Return on Investment- pre finance costs||
|Payback time based on annual increase in power prices of 7%||8.5 years approx)|
Well overall there is a good incentive to get into solar power in South Carolina and that is that pay back times are now down to less that 10 years, and that great news. As always the best way to find out what going on in your area of the world is to speak to local solar professionals, click "here" and get some solar quotes.