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)  

5    

Space required (square feet)  

650    

     
Price of system per watt  

$3.50    

Price of power (marginal cost high usage kwh's) $ per kwh  

0.11    

Average daily kwh produced per 1 kw of solar  

4    

Total average daily production  

20    

Total Price (before incentives)  

$17,500.00    

Federal Tax Credit  

$5,250.00    

State Tax Credit  

$3,500    

Actual out of pocket cost after incentives claimed  

$8,750    

Annual Power production  

7300    

Total Annual Energy savings based on 1:1 net metering  

803    

Annual income from Rec's @ 20 per MWh  

150    

Total Annual Return  

953    

Return on Investment- pre finance costs  

10.89%    

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.


► You must be Signed in to leave a Comment

To Sign in click this link: Click here to Sign in

If you have not yet registered on the site then you can Click here to register as a new user or Click here to register as an installer



Get a free quote from local installers

 
Privacy Policy
Terms of Use
Sitemap
Sign in
Register now
Register Installer

 

Solar Power Incentives
Counties
Copyright © 2012 - solar-reviews.com. All rights reserved.