The South Carolina governor recently signed into law abolishing laws that hindered the solar industry’s growth. Mr Henry Macmaster signed the Energy Freedom Act, passed undisputed by the two houses that remove artificial caps, allowing large-scale solar industry operation.
This move triggers South Carolina’s need to invest in clean energy and do away with other types of energy. Secondly, the availability of solar energy electricity bills is expected to drop, which attracts new businesses and investors in the area. Additionally, this move positively impacts the environment as there is no pollution due to the dirty energy sources.
The legislature is clearly in for a healthier energy competition rather than the costly, harmful energy sources. Since the change of laws restricting solar energy in 2014, the solar industry has grown tremendously, especially in the rooftop solar market sector.
But as soon as the number of roof installations started hitting the cap bill of 2014, the large-scale solar connections went down. The state of solar growth in South Carolina was near collapse, and more than 3,000 Jobs were at risk of being lost.
After attempting to lift the laws proven to fail over the years, the two houses ultimately came to a common understanding and overwhelmingly passed the Energy Freedom Act. The new solar energy laws focused on changing the following in the solar industry.
- Removing the arbitrary rooftop solar net metering and renting out the caps completely.
- Bringing community solar projects into place to serve the less fortunate at low cost.
- Powering cooperates in the area.
- Providing commercially reasonable contracts to large-scale solar projects.
Homeowners and business owners can choose solar systems that consist of solar panels. Research has proven that homeowners who invested in the whole solar system stood to gain lots of profits over time.
Buying solar panels first requires you to pay a considerable sum upfront, which is not good for business.
Once again, passing this bill showed South Carolina’s position, which is the number one position when it comes to using and dealing with clean energy.
Having put this place, it is now easier to set up and operate businesses in South Carolina due to the affordable energy costs in the region.
Additionally, a large population in the South Carolina State will benefit from this whole solar project, especially those that cannot afford electricity.
Solar energy is the future, and if South Carolina’s solar utilities are tapped well and effectively, they will surely meet the needs of the people and any future energy plans.
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Key Takeaways
- The Energy Freedom Act in South Carolina has abolished laws hindering the solar industry’s growth, allowing for large-scale solar operations and fostering investment in clean energy.
- As a result of these changes, electricity bills are expected to decrease, attracting new businesses and benefiting the environment by reducing pollution from dirty energy sources.
- The state’s focus on solar energy has made it easier to set up and operate businesses in South Carolina due to affordable energy costs, benefiting homeowners and those unable to afford electricity.
Solar Incentives and Rebates
South Carolina is a state that receives generous amounts of solar, especially during summer. That fact, plus the incredible solar incentives in the state, means that homeowners save on solar installation costs in South Carolina.
Energy Tax Credit
The state residents can claim up to 25% of their solar costs as a tax credit. If residents do not pay enough taxes to get the full value within one year, they can still carry over for up to ten years.
Incentives
You can get additional rebates to pay for the solar panels’ costs or receive a payment for each kWh of electricity generated by the solar panels.
Net Metering
Understanding net metering in South Carolina is crucial once you decide to go solar. South Carolina is one of the states allowing homeowners to store the extra electricity their panels produce.
The state lets the homeowners use their credits to make up the difference if the panels generate less energy than what is needed in the household.
Dominion Energy South Carolina and Duke Energy are the two top net metering programs in the State. Duke Energy offers the client one dollar per watt installed return through their solar rebate program.
Federal Solar Tax Credit
There are also some federal solar incentives provided in the state. Once homeowners invest in ITC (Investment Tax Credit), they can lower their PV solar energy system costs by up to 30%.
However, this applies to homeowners who purchase their PV system with cash or a solar loan. The other requirement is to have enough income for the tax credit to be significant.
Financing a Solar System Installation
On average, a solar system costs three to five dollars per watt installed. The cost is dropping, though, due to ever-evolving technology.
A South Carolina resident can get a solar system at reduced costs if they have sufficient tax liability because of the federal and state tax credits. Talking to a tax advisor when considering installing a solar system is advisable.
A homeowner can get a local installer’s advice on financing options to reduce the solar system installation cost. An installer should also advise on energy-efficient upgrades that get them the payback on energy sent back on the grid after net metering.
Drawbacks to Solar Power Installation in South Carolina
Any utility company that provides solar systems for homeowners can set its requirements and charges because the state does not have a statewide interconnection requirement. This means a utility company can have monthly fees if they wish.
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Map image by Wikimedia Commons User: TUBS / CC-BY-SA-3.0
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Solar Panels Network USA stands at the forefront of solar energy solutions, driven by a team of seasoned solar engineers and energy consultants. With over decades of experience in delivering high-quality solar installations and maintenance, we are committed to promoting sustainable energy through customer-centric, tailored solutions. Our articles reflect this commitment, crafted collaboratively by experts to provide accurate, up-to-date insights into solar technology, ensuring our readers are well-informed and empowered in their solar energy decisions.