As solar grows in popularity, we are often asked how much solar panels in South Carolina cost
Environmentalists’ efforts have borne fruit; people have finally started to realize the adverse effects of fossil fuels on the environment. This has set in motion a massive shift towards renewable energy sources with solar making the most headway. In the last decade alone, solar has exhibited an average growth of 42% annually. Favorable federal policies and incentives have majorly contributed to this growth and it is estimated that the current solar capacity of the United States is enough to power more than 18.9 million homes.
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South Carolina / North Carolina / Georgia
In the last decade, the average cost of solar panel installation in the United States has plummeted down by nearly 70%. This, coupled with the low maintenance nature of solar panels and an abundant supply of the sun makes rooftop solar panels the smartest choice. South Carolina is one of the U.S. states that has been leading this enormous shift towards solar energy.
This may be so because of a lower installation cost of solar panels in South Carolina, a large number of sunny days, or maybe due to the more favorable South Carolina solar laws. Whatever the reason is, the fact remains that the residents of this state have been quite welcoming to solar energy.
In the last decade, the average cost of solar panel installation in the United States has plummeted down by nearly 70%.
However, there still remain a few that are hesitant towards accepting this technology mainly because they don’t know enough about it. If you have some unanswered questions and doubts about the installation of solar panels in South Carolina, this article aims to alleviate some of your doubts by conveying to you the key information about these systems. So without further ado, let’s begin.
Understanding the total system installation cost of solar panels in South Carolina
In 2006, South Carolina enacted its first solar policy, this was achieved by establishing a solar energy tax credit. However, the program had little effect, and it wasn’t until 2016 that the state witnessed a significant surge in its solar development.
While South Carolina got a late start into this shift towards solar, the state has been making quick and steady progress, it might even become the national leader of the movement. In the March of 2021, the state was ranked as the 12th most solar energy generating state in the U.S. and today, more than 2% of the state’s energy needs are met by solar power. This consistent progress was and is only possible due to a few specific factors, one of which is a pretty affordable solar panel installation cost.
While South Carolina got a late start into this shift towards solar, the state has been making quick and steady progress, it might even become the national leader of the movement. In the March of 2021, the state was ranked as the 12th most solar energy generating state in the U.S
As of January 2022, the average cost of solar panel installation in South Carolina is around $3.03 per watt which is quite lower than the average for the entire United States. This translates to an average installation cost ranging from $9,090 to $30,300 depending on the system capacity you go with.
However, the price quoted before does not account for the tax credits and rebates. After factoring in the federal investment tax credit (ITC) of 26% and additional state and municipal solar incentives, the overall cost for the installation will go down by thousands of dollars.
Solar cost calculations with federal and state incentives
Let’s say you’re having a 6 KW solar system installed in your home in South Carolina. According to the average cost mentioned above, the system will cost you nearly $18,180. Now factoring in 26% Federal Investment Tax Credit (ITC) reimburses you by around $4,726.
|System Capacity||System Cost||System Cost after ITC||Avg. 30YR Grid Cost|
Additionally, accounting for 25% South Carolina Solar Tax Credit, the cost of the system will fall by $4,545. This brings your net total for the system down to $8,902 ($18,180 – $4,726 – $4,545 = $8,902). On an average, the solar installation cost for South Carolina ranges between $10,474 to $12,801.
However, it is important to note that the prices quoted above are a rough estimate. The cost of the system will vary from company to company. Furthermore, there is no guarantee that you will be able to secure the 25% return under the South Carolina Solar Tax Credit policy. But to be fair, this applies to all the U.S. states.
You would be delighted to hear that the installation cost of solar panels in South Carolina is substantially lower than in most other states. Even more welcoming is the fact that the solar prices in South Carolina have been steadily dropping over the past few years
On another note, you would be delighted to hear that the installation cost of solar panels in South Carolina is substantially lower than in most other states. Even more welcoming is the fact that the solar prices in South Carolina have been steadily dropping over the past few years. As a matter of fact, the price of solar panels in South Carolina has fallen by 36% in the past five years.
Solar system Costs before and after ITC based on system capacity
System Cost Saving After ITC
Conclusion on Solar Panels in South Carolina
Considering great tax incentives and rebates combined with year-round sunny days, South Carolina is one of the most optimum states to go solar in. In fact, the rising costs of utility bills make installing solar panels in South Carolina a wise decision. Just be sure that the company you hire is capable enough to properly execute the project. Firefly Solar is here to help and ready to answer any questions to provide a no-obligation price quote.