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South Carolina

South Carolina Wants You To Go Solar!

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1:1 Net Metering

Dominion Energy & Duke Energy have to pay solar homeowners for the excess energy they produce at the full retail rate

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State Tax Credits

South Carolina offers a generous tax credit worth 25% of the project's cost up to $35,000

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Increasing Electric Bills

South Carolina residents pay the 4th highest average monthly electric bills in the country

SC Homeowners are Eligible for 1:1 Net Metering

Net metering allows you to sell surplus power onto the grid when you’re not using it, which can reduce or even completely offset the cost of power drawn from the utility.

This means the excess electricity generated on a sunny day can offset the amount you use on a cloudy day. Or the excess electricity generated during the day can offset the amount you use at night

For example, if you use 500 kWhs of electricity and your solar panels generate 450 kWhs of electricity, you will only be charged for using 50 kWhs of electricity!

Both Duke and Dominion Energy must allow new homeowners to enroll in net metering if an application is submitted before June 1, 2021. Applications filed after this date may no longer be eligible for the same benefits.

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Net Metering

How Do Credits Work in SC?

1. Net metering credits are first applied to reduce your current month’s bill

 

2. If your bill is completely offset and excess credits still remain, the credits will be stored on your account and then applied to your next monthly bill

 

3. Any credits left on the homeowner’s account each March billing period are paid out as a check to the homeowner at the wholesale rate of power

 

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25% SC Solar Tax Credit

    • The SC Solar Tax Credit is worth 25% of the total project cost, with a maximum potential credit of $35,000
    • Homeowners with appropriate tax liability may also be eligible to benefit from the 26% Federal income tax credit (the Federal ITC).
    • For example, a homeowner with adequate tax liability purchasing a $30,000 system may receive a $7,800 Federal tax credit and a $7,500 state tax credit. That is more than half of the system cost!
    • Homeowners have up to 10 years to claim their credits
    • Their is a cap on the maximum credit that can be applied to your state taxes each year. The SC Solar Tax Credit must equal the lesser of:
      • $3,500, or
      • 50% of the homeowner’s annual income tax liability
    • Please ensure you are familiar with the difference between a tax credit and a tax rebate/ tax refund. You MUST have tax liability to benefit from this credit
How Do I apply for the State Tax Credit? 
    • First, you must install a residential solar system (we can help you do that!)
    • Then, you will provide your tax professional the SC Solar Tax Form: SCH. TC-38. 
    • Each year, they should assess your current financial situation to maximize the credit you are eligible for until all of your credits have been applied for

Note: Palmetto does not provide tax advice and strongly recommends seeking the advice of a trusted tax professional. The above information is guidance based on previous rulings and should not be considered the absolute rule in every financial situation.

See if You Qualify for Solar!

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Prompt response to questions and inquiries along the way has made the whole process seamless.

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Going with Palmetto was the best decision I made in my solar journey.

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