Solar Panel Incentives
There has never been a better time to go solar in South Carolina!
Federal Tax Credit 30%
State Tax Credit 25%
Net Metering http://programs.dsireusa.org/system/program/detail/3041
Solar energy is produced during the day and is either consumed by household electrical loads, or is sent back into the utility power grid during periods of excess generation. A new meter, provided in the installation process, will allow for this excess generation to be logged by your utility provider.
So, instead of using batteries to store energy, you are using the grid to "store" energy in the form of banked kilowatt hours. These credits can be carried forward and applied to your future bills. There are no deductions in value, as these are traded evenly for your billed retail power rate. Once per year, the utility will zero your account balance. Any unused kilowatt hour credits are purchased, and the customer generator is paid for the excess power.
In general, think of it as a cell phone roll-over minute plan, but with the added perk of being paid back for unused "minutes". This program qualifies for PACE application. Details below.
Buy All / Sell All https://www.sceg.com/for-my-business/renewable-energy
For SCE&G customers, a new program will allow customer generators to be paid a premium rate for solar power. Whether you are a home owner, business, or municipality, this program simplifies solar power value and makes investing in solar energy a bright choice.
Under the terms of this program, customers pay the utility as they normally would via a monthly statement. However, all solar power that is generated is purchased by the utility.
Your current rate structure will determine the impact of the offered rates. The utility agrees to purchase solar power at the determined distributed cost, plus a premium of $.15 per kilowatt hour.
This structure is generally called a Feed-In-Tarrif. An example is as follows…
Distributed Cost: $.075 per kWh
Feed-In-Tarrif: $0.15 per KWh
Purchase Price: $.225 per kWh
So, as a residential customer, paying $.13 per kWh doesn't look so bad…does it?
This structure is even more beneficial to BUSINESS ,GOVERNMENT & NON-PROFITS.
Typical rate structures for these entities are well below residential retail rates, and the value of solar generated power remains unchanged.
This is your opportunity to own a CASH POSITIVE solar generation project.
Not eligible for PACE.
Contracts are awarded to residential, business, and municipal solar generation system owners through Palmetto Clean Energy, a 501c(3) non-profit organization for the purchase of renewable energy credits. For every megawatt or 1000 kilowatts of power that a solar generator produces, a renewable energy certificate (REC) is issued. These REC's are purchased by investor owned utilities throughout the country in order to comply with certain regulations, specifically requirements mandated by a State's Renewable Energy Portfolio Standard, or RPS.
Contracts are typically awarded every quarter, and are issued for 5 year terms. Prices per REC vary per solicitation and can vary from $50-$100 per credit. So a 100kW system might produce 160 REC's per year. At $60 per credit, this would generate a yearly income of $9600. This example simplifies scalability for determining a residential system. (10kW would be about $960 annually, or $4800 by the contract expiration date.)
*It is important to note that this program can be combined with Net Metering programs, thus decreasing a systems payback period dramatically.