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- 1. What solar incentives are available in South Carolina?
- 2. Federal solar incentives
- 3. Local solar incentives
- 4. Can you claim multiple tax incentives in South Carolina?
- 5. Does South Carolina offer tax exemptions?
- 7. What is the best way to pay for solar?
- 8. Going solar doesn’t have to break the bank
What solar incentives are available in South Carolina?
As a homeowner in South Carolina, you have access to several different tax incentives that make solar panels more affordable. Solar incentives are available at both the federal and state levels to help you save thousands on your investment in solar energy.
Solar Calculator is here to help you take the next step in your transition to renewable energy. Below, we’ll discuss some of the different ways you can make solar more affordable.
Federal solar incentives
As part of the Inflation Reduction Act of 2022, congress passed several clean energy provisions to reduce energy costs. Among those provisions was an extension and upgrade of the Federal Investment Tax Credit (ITC).
Federal Investment Tax Credit
The Federal ITC allows you to claim 30% of your total equipment and installation costs on your federal taxes. There is no minimum or maximum amount you can claim and it includes equipment, installation, permitting, and even battery storage.
The ITC will remain at 30% until December 31, 2032. After that it will be reduced to 26% until December 31, 2033, then to 22% the following year. The ITC is currently set to disappear in 2035 unless it is renewed.
Who is eligible for the Federal ITC?
Most homeowners will qualify for the Federal ITC, but not all. You must meet the following criteria to claim your 30% tax credit:
The Federal ITC will also cover the following expenses:
Homeowners save around $10,000 on average with the Federal ITC. But that number can be higher or lower depending on your total expenses.
How to claim the Federal ITC
Claiming your Federal ITC couldn’t be easier. All you have to do is fill out IRS form 5695 and submit it with your tax return. You can consult with a tax professional for more assistance.
Local solar incentives
Who’s eligible : Schools, State Government, Institutional
How to apply : In June 2007, South Carolina enacted legislation (the Energy Independence and Sustainable Construction Act of 2007) to promote effective energy and environmental standards for construction, rehabilitation and maintenance of buildings in the state; to improve the state's capacity to design, build and operate high-performance buildings; to create new jobs; and to increase the state's energy independence. In June 2008, the state enacted additional legislation, H.B. 4766, requiring state agencies and public school districts to develop energy conservation plans towards an ultimate goal of a 20% reduction in energy use by 2020, as compared to 2000 levels. In May 2013 the Sustainable Construction Advisory Committee responsible for adopting buildings codes was mandated to automatically adopt the most recent version of the rating systems developed by the Green Building Initiative and the U.S. Green Building Council's Leadership in Energy and Enviornmental Design. Sustainable Building Construction All major facility projects in the state must be designed, constructed, and receive at least two globes using the Green Globes Rating System or receive the LEED Silver standard. All major facility projects in the state must be analyzed using a life-cycle cost analysis comparing the cost and benefits of designing, constructing, maintaining and operating the facility at the LEED Silver standard or two globes standard, or better, with certification; normal industry and regulatory standards as applicable; or some standard between the two that causes the project to be designed and constructed in a manner that achieves the lowest thirty-year life cycle cost. The State Engineer's Office may waive requirements for a proposed major facility project if it is determined that the costs of meeting the requirement are not economically feasible. The program does not apply to the following types of projects: a building, regardless of size, that does not have conditioned space as defined by Standard 90.1 of the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE); a public kindergarten, elementary school, middle school, secondary school, junior high school, or high school; a correctional facility constructed for the South Carolina Department of Corrections, Department of Mental Health, or Department of Juvenile Justice; a building project funded by the South Carolina Ports Authority, the Coordinating Council for Economic Development, or the South Carolina Infrastructure Bank; or a building project funded by the South Carolina Department of Health and Environmental Control in which the primary purpose of the building project is for the storage of archived documents. Energy Use Reduction Goals Under H.B. 4766, all state agencies and public school districts are required to submit energy conservation plans to the State Energy Office for all buildings in use as of July 1, 2008. The goal of the plans should be to reduce energy use by 1% annually for five years beginning July 1, 2008. The law also sets an ultimate goal of reducing energy use 20% by July 1, 2020, relative to 2000 levels. Agencies and districts are required to implement all energy saving improvements that are cost-effective over a five-year time horizon. The energy reduction goals do not apply to buildings designed, constructed and maintained under the Sustainable Construction Act of 2007 (see above). Nor do they apply to buildings smaller than 10,000 square feet or buildings at institutions of higher education designed for athletics or research. In addition, the program only applies to state agencies that are subject to the state procurement code. Each agency and school district is required to submit annual reports detailing their programs and accomplishments to the State Energy Office, which will then compile these reports for the state legislature. In 2009, South Carolina also enacted additional legislation (S.B. 268) requiring all agencies to perform an audit and implement any energy, water, or wastewater conservation measures that are determined to be cost effective. All agencies must comply by July 1, 2011.
Who’s eligible : Commercial
How to apply : Note: The Federal Infrastructure Investment and Jobs Act (IIJA) created the National Electric Vehicle Infrastructure (NEVI) Formula Grant Program with a total budget of $5 billion. Each state was allocated a share of that total to help build out a national network of electric vehicle charging stations along designated alternative fuel corridors (AFCs). With some limited exceptions, EV charging stations funded through the NEVI program should be spaced 50 miles apart and within one mile of the Interstate exit or highway. The South Carolina Department of Transportation (SCDOT) is the lead agency for South Carolina's NEVI plan. It submitted South Carolina's initial NEVI Plan to the federal Joint Office of Energy and Transportation on August 1, 2022, and its 2023 Update was submitted on August 1, 2023. SCDOT's preliminary analysis anticipates that the state will need 16 charging stations to achieve NEVI compliance. SCDOT will initially prioritize development in the rural sections of the state's interstate network. SCDOT had a kickoff webinar in April 2024. As of June 2024, SCDOT is still developing their procurement process, but anticipates the process beginning in late 2024.
Who’s eligible : Commercial, Investor-Owned Utility, Nonprofit, Municipal Utilities, Residential, Cooperative Utilities, Schools, Institutional
How to apply : The South Carolina Public Service Commission issued two orders in May 2021 adopting new Solar Choice Tariffs for Duke Energy Progress, Duke Energy Carolinas, and Dominion Energy South Carolina. Customers who installed their systems on or after January 1, 2022 must take service under the Solar Choice Tariffs described below. Customer-generators who applied for net metering prior to January 1, 2022 may remain on a prior tariff for a period of time: December 31, 2025 for customers who applied for net metering before May 16, 2019, and May 31, 2029 for customer-generators who applied for net metering between May 16, 2019 and May 31, 2021. Customers who interconnected their systems between June 1, 2021 and December 31, 2021 may take service under an interim solar choice tariff for a period of time. Eligibility and Availability Despite the tariffs being called Solar Choice, all forms of renewable energy are eligible to participate, including photovoltaics, solar thermal, wind, small hydroelectric, geothermal, tidal or wave energy, hydrogen fueled or combined heat and power derived from renewable resources, or biomass fueled generation. Energy storage systems can also be paired with renewable energy systems as long as they are configured to receive electrical charge solely from the renewable energy resource. The system size limit is 20 kW AC for residential systems and the lesser of 1,000 kW AC or 100% of the customer’s contract demand for non-residential systems. These systems must be owned, leased, or operated by the customer-generator and must meet all interconnection, performance, safety, and reliability standards established by relevant authorities. Residential customers must also take service under a time-of-use tariff Net Excess Generation For residential customers, production and consumption of electricity will be netted on a monthly basis within each time-of-use period. However, any electricity exported to the grid by the customer during critical peak pricing hours will be netted against energy supplied to the customer during on-peak hours, rather than critical peak hours. Any excess kilowatt-hours (kWh) remaining at the end of the month, regardless of time of delivery, will be credited at a utility-specific rate. For 2023, those rates are: $0.0270 per kWh for Duke Energy Carolinas, $0.0230 per kWh for Duke Energy Progress, and $0.03363 per kWh for Dominion Energy South Carolina.
Who’s eligible : Commercial, Industrial, Local Government, Nonprofit, Residential, Schools, State Government, Federal Government, Agricultural, Institutional
How to apply : The South Carolina Public Service Commission (PSC) adopted simplified interconnection guidelines for small distributed generation (DG) in December 2006. South Carolina's interconnection guidelines apply to Duke Energy Progress, Duke Energy Carolinas, and Dominion Energy. These guidelines address interconnection of renewable- energy systems and other forms of DG in three levels - Streamlined interconnection process for a certified inverter based generating unit up to 20 kW Fast Track for interconnection for systems larger than 20 kW up to 2 MW For larger interconnection systems greater than 2 MW requiring interconnection study. The customer may submit a formal Pre-Application Report request with a $500 non-refundable fee. The utility will provide a report identifying the substation, area bus, or a circuit that would be the proposed point of interconnection. Utilities may not require residential customers to carry liability insurance beyond the amount required by a standard homeowner's policy ($100,000 minimum coverage), but non-residential generators are required to carry comprehensive general liability insurance ($300,000 minimum coverage). Generators are responsible only for upgrade and improvement costs associated directly with a system's interconnection, but these costs may be determined by utilities. Utilities are prohibited from imposing indirect fees and charges. The guidelines include a mutual-indemnification requirement. A redundant external disconnect switch is required, and the capacity of all interconnected generation is generally limited to a maximum of 2% of rated circuit capacity.
Who’s eligible : Commercial, Residential
How to apply : In South Carolina, taxpayers may claim a credit of 25% of the costs of purchasing and installing a solar energy system, small hydropower system, or a geothermal system for heating water, space heating, air cooling, energy-efficient daylighting, heat reclamation, energy-efficient demand response, or the generation of electricity in a building owned by the taxpayer. Effective July 1, 2009, SB 1141 expanded the scope of this credit to include small hydropower systems. Only hydropower systems installed after July 1, 2009 are eligible for the tax credit. HB 3874 of 2016 expanded the scope again to include geothermal energy projects. 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. The term "system" includes "all controls, tanks, pumps, heat exchangers, and other equipment used directly and exclusively for the solar-energy system." The term "system" does not include any land or structural elements of the building, such as walls and roofs, or other equipment ordinarily contained in the structure. Solar-thermal systems must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the South Carolina Energy Office to qualify for the credit, unless the system was installed before June 19, 2007. The South Carolina Department of Revenue offers forms and instructions for claiming the tax credit.
Can you claim multiple tax incentives in South Carolina?
Yes. You are allowed to claim multiple solar incentives for the same installation. However, you can only claim each incentive once. For more guidance on how to claim your solar tax incentives, talk to your installer or consult with a licensed tax professional before submitting your tax forms.
Does South Carolina offer tax exemptions?
Rebate Program
Category : Financial Incentive
Website : http://www.santeecoopersolar.com/
Applicable Sectors : Commercial, Nonprofit, Residential, Federal Government
Incentive Amount : Residential and Commercial: $0.95/W Non-Profit: $1.20/W
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.dominionenergy.com/south-carolina/save-energy?tab=2
Applicable Sectors : Commercial, Industrial, Agricultural
Incentive Amount : Small Business FREE on-site energy analysis of lighting, refrigeration and/or HVAC (heating and cooling systems). Up to 90% of the cost, not to exceed $6,000 for recommended energy efficiency measures. Lighting Fixture Replacements: $0.35/watt reduced Complete Design for New Construction: $0.40/watt reduced HVAC HVAC Variable Frequency Drive: $50 - $75 per horsepower HVAC Chillers: $10 - $39 per ton Split Air Conditioner and Heat Pump Systems: $15 - $125 per ton Packaged terminal Air Conditioner and Heat Pump Systems: $20 - $60 per unit Window Film: $1 per square foot Cool Roof: $0.10 per square foot Food Service Varies by Equipment. See Website for details. Agricultural Varies by Equipment. See Website for details. Custom Up to 75%. See Website for details. ThermWise Natural Gas Gas-Fired Storage Water Heater (Tank): $75 - $350 Gas-Fired Tankless Water Heater: $250 - $400 Gas Furnace: $250 - $350 Gas Boiler: $200 Food Service Equipment: $300 - $1,000 Pre-Rinse Spray Valve: $25
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.duke-energy.com/business/products/smartsaver#tab-bd1ef7f8-8e8a-440e-b0ac-6ceb84106a07
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Schools, Agricultural, Institutional
Incentive Amount : Lighting DeLamping: $2.20 - $13/unit Exterior Lamps and Fixtures: $2.20 - $300/unit Interior Lamps and Fixtures: $2.20 - $500/unit Fluorescents High Bay Fixtures: $40 - $154/unit Controls and Sensors: $0.03 - $47/unit HVAC Controls: $0.10 - $252 Water Saving Measures: $1.55 - $275 New High Efficiency Heating and Cooling Equipment: $9.90 - $1,100 Upgrades to Improve Operation of Existing Heating and Cooling Equipment: $1.50 - $154 Building Envelope Improvement: $0.10 - $1.10 Commercial Equipment Commercial Clothes Washing and Drying Equipment: $33 - $1,320 Commercial Dish Washing Equipment: $8 - $825 Controls Equipment: $220 Escalator Motor Efficiency Controller: $22 New High Efficiency Refrigeration Equipment: $11 - $400 Upgrades to Make Existing Refrigeration Equipment More Efficient: $1 - $179 Process Pumping: $154 Industrial Equipment Efficiency Improvements for Existing Compressed Air Equipment: $2.20 - $220 Efficiency Improvements for Existing Production Equipment: $1 - $40 New High Efficiency Compressed Air Equipment: $82.50 Process Pumping: $66 - $319 Custom Incentives See program website for details Agricultural: $1.30 - $2,906
Implementing Sector : Utility
Category : Financial Incentive
Website : https://blueridge.coop/h2oselect
Applicable Sectors : Construction, Residential
Incentive Amount : 40-79 gallon water heater: $200 80+ gallon water heater: $300 Bonus for switching from gas to electric: $300
Implementing Sector : Utility
Category : Financial Incentive
Website : http://www.yorkelectric.net/myhome/heat-pump-rebate/
Applicable Sectors : Commercial, Industrial, Residential
Incentive Amount : Dual Fuel Heat Pumps: $700 for the first system, $700 for additional systems
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.palmetto.coop/buried-treasure
Applicable Sectors : Residential
Incentive Amount : Heat Pumps (all types): $200 per ton
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.santeecooper.com/Save-Energy-Money/For-My-Home/Index.aspx
Applicable Sectors : Residential, Multifamily Residential
Incentive Amount : Heating and Cooling Single Phase Heat Pump: $300 - $400/unit Mini/Multi-Split Heat Pump: $30 - $40/ half ton Geothermal Heat Pump: $600/unit Hybrid Heat Pump: $500 - $700 Heat Pump Water Heater: $400 Duct Replacement: $500 Smart Thermostat: $30 - $50 Appliances Clothes Washer: $20/unit Refrigerator: $30/unit Pool Equipment Heat Pump Pool Heater: $225/unit Variable Speed Pool Pump: $275/unit Dual Speed Pool Pump: $100/unit Electric Vehicle Level 2 EV Charger: $250
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.duke-energy.com/home/products/smart-saver
Applicable Sectors : Residential
Incentive Amount : Heating and Cooling Central Air Conditioner: $200 - $500 Air-Source Heat Pump: $300 - $800 Geothermal Heat Pump: $500 - $800 Heat Pump Water Heater: $350 Smart Thermostat: $50 Insulate and Seal Attic Insulation: $250 Attic Air Sealing: $250 Duct Sealing: $200 Pool Pump: $300
Implementing Sector : Utility
Category : Financial Incentive
Website : http://www.duke-energyrncinfo.com/
Applicable Sectors : Residential, Installers/Contractors
Incentive Amount : Home Meets NCECC HERO Standards: $750 HERO plus HERS Score: $0.90/kWh Heat Pump Water Heaters: $350 Heat Pumps: $300 Air Conditioners: $300
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.duke-energy.com/home/products/smart-saver
Applicable Sectors : Residential
Incentive Amount : Heating and Cooling Central Air Conditioner: $200 - $500 Air-Source Heat Pump: $300 - $800 Geothermal Heat Pump: $500 - $800 Heat Pump Water Heater: $350 Smart Thermostat: $50 Insulate and Seal Attic Insulation: $250 Attic Air Sealing: $250 Duct Sealing: $200 Pool Pump: $300
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.dominionenergy.com/south-carolina/save-energy?tab=1
Applicable Sectors : Residential
Incentive Amount : Air Conditioner: $400 - $500 Heat Pumps: $400 - $500 Electric Furnace: $650 Heat Pump Water Heater: $750 Duct Sealing: $300 Duct Insulation: $300 Natural Gas Water Heater: $350 Gas Furnace: $250 - $350 Natural Gas Direct Vent Fireplace: $150
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.cityofrockhill.com/departments/utilities/residential-services/smartchoice-rebates-loans
Applicable Sectors : Residential
Incentive Amount : Water Heater: $225 Heat Pump Replacement: $400
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.santeecooper.com/Save-Energy-Money/For-My-Business/Index.aspx
Applicable Sectors : Commercial, Industrial, Installers/Contractors
Incentive Amount : Existing Buildings: Certified Retrofit Lighting/Underwater LED Lighting: $0.40/reduced watt Non-Certified Retrofit Lighting: $0.20/reduced watt Lighting Controls: Up to $50 HVAC Equipment: Varies by type Smart Thermostats: $50 Commercial Refrigeration and Kitchen Equipment: Varies by type Heat Pump Water Heater: $350 Solar Water Heater: $500 Drain Water Heat Recovery: $400 Aerators and Pipe Installation: $3/1.75 GPM Showerhead; $3/Linear Foot of Pipe Installation Pool Pumps: Varies by type: New Construction: Certified Retrofit Lighting/Underwater LED Lighting: $0.20/reduced watt Non-Certified Retrofit Lighting: $0.10/reduced watt
Implementing Sector : Utility
Category : Financial Incentive
Website : http://www.aikenco-op.org/water-heater/
Applicable Sectors : Residential
Incentive Amount : Free high efficiency water Heater; $200 installation fee Water heater and timer with normal installation: $2.50 credit for 10 years Timer only: $200 cash payment and $2.50 credit for 10 years New construction contract home: $250
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.berkeleyelectric.coop/
Applicable Sectors : Residential
Incentive Amount : Geothermal Heat Pump: $250/ton Dual Fuel System: $500 - $1,000/home Water Heater: $200 - $400 Smart Thermostat: $100 first year, $50 annually
Implementing Sector : Utility
Category : Financial Incentive
Website : https://gasadvantage.piedmontng.com/EnergyEfficiency/
Applicable Sectors : Commercial, Multifamily Residential
Incentive Amount : High-Efficiency Furnace: $300 Tankless Water Heater: $250 Storage Tank Water Heater: $50
Implementing Sector : Utility
Category : Financial Incentive
Website : http://www.piedmontng.com/yourhome/savemoneyandenergy/efficiencyprograms/scequiprebates.aspx
Applicable Sectors : Residential
Incentive Amount : High-Efficiency Furnace: $300 Tankless Water Heater: $250 Storage Tank Water Heater: $50
Implementing Sector : Utility
Utility Rate Discount
Category : Financial Incentive
Website : https://www.duke-energy.com/_/media/pdfs/for-your-home/rates/electric-sc/rr10scriderrecd.pdf?la=en
Applicable Sectors : Construction, Residential, Installers/Contractors
Incentive Amount : 5% off of total monthly electric bill for the life of the home
Implementing Sector : Utility
Loan Program
Category : Financial Incentive
Website : https://www.santeecooper.com/Save-Energy-Money/For-My-Home/Loans/Index.aspx
Applicable Sectors : Residential
Incentive Amount :
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.berkeleyelectric.coop/homeadvantage-loan-program
Applicable Sectors : Residential
Incentive Amount :
Implementing Sector : Utility
Category : Financial Incentive
Website : https://blueridge.coop/hvac
Applicable Sectors : Residential
Incentive Amount :
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.pdec.com/energy-center/erc-loan/
Applicable Sectors : Residential
Incentive Amount :
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.santeecooper.com/Programs-Incentives/EmpowerHome/Loans/
Applicable Sectors : Residential
Incentive Amount :
Implementing Sector : Utility
Category : Financial Incentive
Website : http://www.energy.sc.gov/incentives/conserfund
Applicable Sectors : Local Government, Nonprofit, Schools, State Government, Institutional
Incentive Amount :
Implementing Sector : State
Category : Financial Incentive
Website : https://www.businessdevelopment.org/eerl.html
Applicable Sectors : Commercial, Industrial, Investor-Owned Utility, Local Government, Nonprofit, Municipal Utilities, Cooperative Utilities, State Government
Incentive Amount :
Implementing Sector : State
Energy Standards for Public Buildings
Category : Regulatory Policy
Website : https://energy.sc.gov/
Applicable Sectors : Schools, State Government, Institutional
Incentive Amount :
Implementing Sector : State
Grant Program
Category : Financial Incentive
Website : https://southcarolina-ev.com/
Applicable Sectors : Commercial
Incentive Amount : Varies, grants are awarded competitively
Implementing Sector : State
Net Metering
Category : Regulatory Policy
Website : https://solar.sc.gov/financing-system/tax-credits-incentives-and-net-metering
Applicable Sectors : Commercial, Investor-Owned Utility, Nonprofit, Municipal Utilities, Residential, Cooperative Utilities, Schools, Institutional
Incentive Amount :
Implementing Sector : State
Interconnection
Category : Regulatory Policy
Website : https://solar.sc.gov/installing-and-maintaining-system/working-utilities/interconnection
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Residential, Schools, State Government, Federal Government, Agricultural, Institutional
Incentive Amount :
Implementing Sector : State
Corporate Tax Credit
Category : Financial Incentive
Website : https://solar.sc.gov/financing-system/tax-credits-incentives-and-net-metering
Applicable Sectors : Commercial, Residential
Incentive Amount : 25% of eligible costs
Implementing Sector : State
Personal Tax Credit
Category : Financial Incentive
Website : http://www.energy.sc.gov/renewable
Applicable Sectors : Commercial, Residential
Incentive Amount : 25% of eligible costs
Implementing Sector : State
Category : Financial Incentive
Website : https://energy.sc.gov/focus-area/energy-efficiency/manufactured-housing/incentive-program
Applicable Sectors : Residential
Incentive Amount : 750
Implementing Sector : State
Sales Tax Incentive
Category : Financial Incentive
Website : http://www.energy.sc.gov/lpage?m=701
Applicable Sectors : Commercial, Industrial
Incentive Amount : 100% of sales tax
Implementing Sector : State
Category : Financial Incentive
Website : https://energy.sc.gov/focus-area/energy-efficiency/manufactured-housing/incentive-program
Applicable Sectors : Residential
Incentive Amount : Sales tax capped at $300
Implementing Sector : State
Renewables Portfolio Standard
Category : Regulatory Policy
Website :
Applicable Sectors : Investor-Owned Utility
Incentive Amount :
Implementing Sector : State
Property Tax Incentive
Category : Financial Incentive
Website :
Applicable Sectors : Commercial, Industrial, Residential, Low Income Residential
Incentive Amount : 100% exemption
Implementing Sector : State
Building Energy Code
Category : Regulatory Policy
Website : https://www.energycodes.gov/status/states/south-carolina
Applicable Sectors : Commercial, Residential
Incentive Amount :
Implementing Sector : State
Industry Recruitment/Support
Category : Financial Incentive
Website : https://www.sccommerce.com/why-sc/incentives-taxes
Applicable Sectors : Industrial
Incentive Amount : 0.1
Implementing Sector : State
Green Power Purchasing
Category : Regulatory Policy
Website : https://www.santeecooper.com/Save-Energy-Money/Green-Power/Index.aspx
Applicable Sectors : Local Government
Incentive Amount :
Implementing Sector : Local
What is the best way to pay for solar?
Cash payments
Paying cash upfront is easily the simplest and most cost-effective route — if you can afford it. It lets you maximize your total savings by avoiding interest rates and other fees. You also don’t have to worry about making monthly payments. But the downside is you have to spend a lot of cash at once which isn’t an option for everyone.
Pros
Cons
Financing
Financing solar panels is probably the most common payment method. You get to own the system — as opposed to leasing — but you don’t have to spend all your cash at once. And although you do have to pay interest, you can secure a fairly low interest rate as long you have good credit.
Pros
Cons
Solar leases and PPA agreements
If purchasing solar equipment isn’t an option for you, a lease or a PPA may be worth exploring. This is where you are essentially “renting” the equipment for a fixed rate each month. And although you don’t have ownership of your system, there are other benefits such as maintenance and servicing agreements.
Pros
Cons
Going solar doesn’t have to break the bank
Going solar is becoming more affordable than ever. And thanks to a variety of solar incentives in South Carolina, you can save thousands more on your investment.
Want to get an idea for what it will cost you to go solar? You can use our solar cost calculator to generate a customized estimate instantly. We take into consideration a wide range of criteria including location, electric bill, roof size, and other factors. Try it out today and start planning for your future.
