Calculate how much you can save on your HEC bill with solar panels

Average 25 year solar savings for a HEC customer: $43,045

Average solar panel cost: $15,639 - $19,114*

Estimate solar panel cost and savings based on your location, roof and power use.

*Solar panel cost varies by location, solar panel mqanufacturer, system size and the amount of electricity your home uses.

Adding solar panels and switching rate plans can lower your Horry Electric Cooperative electric bill

Updated: October 22, 2020

There are three ways you can reduce your HEC bill: changing your habits, switching your rate plan, and adding solar panels.

You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.

The second thing you can do is switch your rate plan. HEC doesn't offer time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, but there may be other options for you .

Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.

Solar panel cost calculator

How much can I reduce my Horry Electric Cooperative bill by switching to a different rate plan

For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to Horry Electric Cooperative each year for no reason.

Finding out what's available to you is as simple as a phone call or email to Horry Electric Cooperative. Even a small savings can be worth it.

Are solar panels worth it for Horry Electric Cooperative customers?

Perhaps. With a strong South Carolina tax credit of 25% of your solar purchase and installation costs, solar panels for your home can make a lot of sense for Horry Electric Cooperative customers. However, Horry has instituted a $56 monthly solar charge, which makes the finances of going solar more challenging. Horry does allow you to at least get some credit on your power bill for the excess solar electricity your panels produce which you can’t use onsite. Your credits, while accrued at a lower rate than you pay for electricity, roll over to the next month’s bill.

Does Horry Electric Cooperative offer full 1 for 1 net metering credits for exported solar power

No, Horry Electric Cooperative does not offer full 1 for 1 net metering. This means that when you export surplus power from your solar panels, you will be paid less by the utility than what you are charged to buy the equivalent amount of power from the grid.

The amount you are paid by the utility is known as a feed-in tariff. In the case of Horry Electric Cooperative, this feed-in rate is $0.04 per kWh.

What incentives, tax credits and rebates are available to HEC customers for installing solar?

The major financial incentive currently available until the end of 2020 is the 26% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.

Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal credit.

Here is every incentive you may be eligible for as a HEC customer:

Table 1: Incentives
Upfront Incentives Value*
Residential Renewable Energy Tax Credit (Federal) -$5,195
Solar Energy State Tax Credit (State)

25% of costs up to $3,500 per year, or half of state tax liability. Unused credits carry forward. The Tax Credit calculation in this estimate applies only the First Year credit, you may be able to claim remaining credits over several years leading to a significantly better profit. Speak with a local installer for more details.

-$3,500
Net Metering (State)

Investor-owned utilities are required to offer full retail rate for excess kWh produced for customers who apply before June 1, 2021 and will receive compensation until May 2029.

Varies
TOTAL -$8,695

*Based on 10.01 kW system, average installation cost $23,482

How much does installing solar panels save the average Horry Electric Cooperative residential customer?

If you input the details for a HEC customer with a power bill of $170 per month into the best online solar panels calculator, it tells you that you need a 10.01 kW solar system that will produce 14,847 kWh per year and that this system will return the owner a $43,045 profit after repaying the cost of the system.

The solar savings possible for you as a HEC customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.

Here is a monthly and lifetime solar savings estimate for the same relatively typical HEC customer with a $170 per month electric bill prior to solar and who installs a 10.01 kW solar system.

How much do residential solar panels cost for HEC customers?

Showing data for:

Prices based on a 10.4kW system, after 26% federal tax credit

Solar prices near you

Cost range of local prices

$16,758-$20,482

Net profit (savings less system cost)

$45,095-$55,116

Payback period

7.1-8.7 years

Recommended size for the selected utility bill

10.4kW

Solar panel cost calculator

Detailed information about your estimate

Table 2: Estimate details

System Size (for 100% usage offset)

10.01 kW

Annual Power Generation

14,847 kWh

Pay-back time (assuming Cash purchase)

7.7 Years

Internal Rate of Return (IRR) on Investment

9.6%

Gross cost

$23,482

Total Upfront Incentives and Rebates

-$9,606

Net Cost of System after rebates and incentives

$13,880

Total Cost of Utility Power Avoided over 25 years

$56,925

Please note that the investment return figures do not include the possible increase in property value.

What are the environmental impacts of Horry Electric Cooperative customers installing solar panels?

While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Horry Electric Cooperative customer installing a 10.01 kW solar system on their property:

A solar system generating 14,847 kWh per year will save you money AND make the world a nicer place

Saves you

$1,722

on average per year

Reduces CO2 emissions

7.35

tons per year

Equivalent to planting

51 trees

per year

Equivalent to driving

16,258 mi

less per year

CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.

What factors affect the price of solar panels for Horry Electric Cooperative customers?

The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.

It is common to see really good systems, using quality brands of equipment, being sold for around $2.35 per watt or $13,880 for a standard 10.01 kW solar system after the customer claims the 26% federal solar tax credit.

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