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No Rate Increases: Having solar installed on your home can help the environment while also helping your wallet. Most utility companies have annual increases on service costs. For example, SCE&G has had 64% in increases from 2005-2015. Switching to solar power for your home means the end to increases in your bill. When you SWITCH TO SOLAR, you pay one choice payment until your system is paid for and you are left with no energy bill.
Federal Tax Credit: At the end of 2015, the president signed an extension to the federal tax credit for solar powered systems. This credit covers 30% of the cost of your solar system and installation.
State Solar Tax Credit: South Carolina currently offers a one-time tax credit of 25% off the cost of your solar energy system. You can take this deduction over a period of ten years. The law allows homeowners to take a maximum of $3,500 per year or 50% of the taxpayers current tax liability, whichever is less.
South Carolina’s State Solar Tax Credit ranks near the top of Solar friendly states in the nation. This credit will allow you to receive a large discount of 25% off your solar panel installation. Having a solar energy system installed can pay you back for many years to come.
Net Metering: The South Carolina Net Metering Act (No. 236) that passed into law in 2014, requires utility companies to purchase solar energy from homeowners at full retail rate. This allows you to buy and sell back at the same rate effectively cancelling out your purchases. If you have excess energy for any month, it will carry over like rollover minutes on a cellular plan.
When you install solar panels on your home, you will receive a statement each month from your Utility that reads like a bank statement. This statement shows credits of energy and withdrawals. At the end of the year there is a true-up period when you and the utility company will settle up for any differences.