Financing residential solar: what are my options?

Today, people are choosing solar for their homes at a rapidly growing rate and the opportunity to finance a solar project is better than ever before. Financing a solar panel system for your home is not a one-size-fits-all approach. There are multiple good options for payment plans that can be structured to fit your needs. You might find that most solar companies don’t discuss how financing might affect the total cost. But at Southern Current, we are all about empowering through education. Your options depend on your access to capital and how convenient you want your financing to be.

 

For customers who do not want to or are unable to purchase solar panels with cash, there are $0 down payment plans that offer immediate returns on electric bills even as they are being repaid. With nothing out of pocket, you can reap the rewards of going solar – which is the only home renovation that pays you back immediately.

There are two $0 down payment plan choices:

  • Solar Loans: tailored to the customer and have structured financing with low monthly payments.
  • Bank Loans: such as Home Equity Lines of Credit or HELOC, are the ideal option for lowest fees and interest rates.

All loans offer no money down and no hidden contract terms which allow you to finance the total amount of the system with the same basic conditions as other home improvement loans. Additionally, these payment plans can be used at the time of building a new house or even rolled into a new mortgage. One of our solar experts can help you decide which is the best fit for you. Every form of financing includes a 10 year workmanship warranty and allows you to own your system and the tax credits.

 

We all know that if you are mortgaging a home or building a new home, remodeling can get expensive. But why add additional costs when you don’t have to? Solar isn’t like a kitchen rehab that won’t ever truly pay off. One assumption when you buy a home, is that you are automatically going to be paying for power with a utility company from day one. But why rent your power? It never goes away. It’s like taking a mortgage with a higher interest rate by choice simply by defaulting to the power company for electricity.

 

Data from EnergySage.com

Electricity rates are constantly rising.  Solar fixes these costs and then pays off with very minimum maintenance.

Solar is an investment that is worth it in the end – because the risk and exposure is twice as bad if you don’t go solar.

 

Also, if you are wondering what happens when you sell your home – read more here. 

 

Future is bright for solar energy in South Carolina after Energy Freedom Act

Future is bright for solar energy in South Carolina after Energy Freedom Act

RICHLAND COUNTY, S.C. (WIS) – Like most South Carolinians this summer, Matt Freed and his family will crank up their A-C to stay cool.

Their power bill won’t be anywhere near as a high as it was this time last year. “I think people like the idea and like being able to generate most of their own power,” he said.

Freed made the switch to solar energy a few months ago. He said he wanted to reduce his carbon footprint and slash his monthly power bill. Especially after the VC Summer debacle. According to officials, South Carolina has one of the highest power rates in the country.

Freed said his bill has reduced dramatically. “For at least two months now, I’ve had no electricity charges minus the facility fee you’re going to pay no matter what.”

Solar companies said they will see an increase in the number of customers, all thanks to the Energy Freedom Act that was signed into law earlier this year.

According to the Solar Energy Industries Association, companies have installed 18,000 solar systems in South Carolina. Over the next year five years, they predict 22,000 new systems will be installed.

Solar companies said the new law removed caps on net metering and leasing, which means more customers will be incentivized to put solar on their roofs at their homes and businesses.

Freed said he watched very closely what happened with the Energy Freedom Act this year. “I’d like to think we’ll continue to see the state be forward-thinking when it comes to energy usage and to keep enacting policies that support that.”

Earlier this month, North Carolina based Pine Gate Renewables announced they will construct one of the largest solar sites in the state in Orangeburg County. The 101-megawatt project is set to be completed in 2020.

Copyright 2019 WIS. All rights reserved.

Southern Current Residential and Commercial Solar Reach in Greenville

As many of you know, Southern Current has been servicing the entire state of South Carolina since the company started over 10 years ago. What you may not know is that our Greenville location opened about  2 years ago as we saw a growing need to expand our local residential and commercial service in the upstate. Justin Parrish is Southern Current’s Business Development Manager for this area: 

“I met my wife in Charleston and we moved to Greenville about 4 years ago. We love that it’s in the foothills and you can get to Asheville in an hour,” Justin says, “Greenville is a great area because it’s been a growing city for a while. It’s smaller but has tons of amenities for young people – breweries, restaurants, and farmers markets – it’s the best of both worlds for a more localized life.” 

 

Drone aerial of the downtown Greenville South Carolina SC skyline at sunrise.
Kevin Ruck/shutterstock.com

 

Because Greenville is the manufacturing hub of the southeast, a lot of businesses come through and the new infrastructure attracts a strong middle class. Southern Current believes in the value of servicing our customers in that area with the same quality and attention as anywhere else in the state. 

On a macro level, Southern Current is one of the founders of the solar industry in South Carolina and even the entire southeast. For over a decade, we have had the most influence on creating the solar market that current exists. We have an entire team dedicated to ensuring that this market has attractive legislation and incentives so customers can justify solar. We are driving economic development, wages and tax revenues in a way that nobody else is within the community on a level that nobody else can.

 

 

Particularly in the Greenville market, consumers tend to fall for the  “more for less” companies when it comes to solar, but there is no other company that compares to Southern Current.  We are part of the South Carolina Solar Council and South Carolina Solar Business Alliance. Our team is taking progressive strides in all areas of solar, not just installation. “If it weren’t for this kind of movement, the solar industry in our area would not be what it is today”.  Justin explains, “We have been the backbone of progressive solar legislation in SC, particularly for residential customers.”   

At Southern Current, we do not subcontract labor or any aspect of solar installation from start to finish. With now over 110 employees, our team has doubled in the last two years. Our diversity is what allows us to service our customers on a sustainable and expansive level. This all guarantees that we will be here long term because of the moves that we make in all areas from utility scale, commercial and residential. 

 

One of our commercial projects at the Greenville Target

 

Nobody is even a close second as to how we manuever as a company. “We are the highest quality installer that exists and always will be,” Justin says, “There is no one else in the same realm as to what we do and have done.”

Greenville solar customers can find the best of both worlds by supporting a local company that also has a big footprint on the industry at large with Southern Current. Our #SoCuSolarArmy trusts us because we offer quality control and believe in empowering our customers through education. 

The Southern Current Greenville office is located near Paris Mountain at 1808 Rutherford Road, on the industrial side surrounded by the railroads and port authority.

As with every county in South Carolina, Greenville solar clients can take advantage of the 25% tax credit and 30% federal tax incentive, but not forever! Make sure to contact us for a consultation if you’ve been considering solar. 

 

Duke’s Net Metering Program Reopens For A Limited Time

From now until March 15th 2019, Duke’s net metering program is open!

Duke Reopens Net Metering Program

Duke Energy agreed to reopen the recently closed net metering program for renewable energy.  The net metering program, gives solar customers credit for every kilowatt at the same rate they pay from the electricity company. This one-to-one ratio makes solar energy competitive in the marketplace and gives customers a great ROI on their solar system.

Quote from Southern Current’s Director of Regulatory Affairs

“The (extension) speaks to the fact that we have a constructive dialogue underway,” says Hamilton Davis, director of regulatory affairs for Southern Current. “This is a temporary fix, but the hope is we can have legislation we can propose together early in 2019.”

 

Duke net metering

 

What is Duke’s Net Metering Program?

Duke’s net metering program allows customers who generate electricity from their own solar panel system to offset their energy costs. Net metering participants receive bill credit from Duke Energy for the excess energy generated by their solar panel system.

Going Solar Now!

If you are thinking about going solar, the time to go is NOW. Duke’s net metering program will to remain until mid-March. However, South Carolina Electric & Gas is approaching their net metering cap as well. Be sure to capitalize on your solar investment as soon as possible. South Carolina has the highest electricity bills in the United States and solar can help reduce or eliminate your electric bills. Southern Current was named South Carolinas #1 Solar provider by Solar Power World and Charleston’s Choice – Best Solar Panel Company for 2 years running.

About Southern Current

Producing your own energy with solar offers a lifetime of rewards including lower power bills, higher property value, and numerous environmental benefits. Southern Current is proud to be one of South Carolina’s leading solar installers, with residentialcommercial, and utility-scale solar services available across the Southeast. Contact Us to find out how much you could be saving with a solar project at your location!

 

Other Articles about Duke’s Net Metering Program:

https://www.bizjournals.com/charlotte/news/2018/09/07/duke-energy-solar-advocates-ask-sc-regulators-to.html

https://www.postandcourier.com/news/duke-energy-agrees-to-extend-home-solar-program-boosting-sc/article_715bd712-b158-11e8-ae0d-7fced860ac37.html

 

Solar-News-South-Carolina

South Carolina Solar Energy News – May Edition

The following article contains important news about solar & renewable energy in South Carolina and across America from the month of May 2018. Contact the Southeast’s leading solar company Southern Current to learn about saving money by powering your home or business with clean, unlimited solar energy.

May News Solar Energy In South Carolina

Post and Courier: The Sun is Rising on South Carolina’s Advanced Energy Economy

Southern Current helped develop the Soluga III Solar Farm utility scale installation in Clarkton, North Carolina. The project uses thousands of PV solar panels across it’s 80-acre footprint to generate clean, renewable electricity.

In 2017 a new solar project was installed every 84 seconds across America, as more and more home and business owners turned to solar to help them reduce their carbon footprints and energy bills. This means a great opportunity for states like South Carolina to capitalize on new energy technologies to grow the state’s economy

CNBC: 10 massive corporations going big on solar power

This Target retail store in Florence, South Carolina has over 48,968 square feet of solar panels blanketing its roof. The 707 kW solar power system installed by Southern Current instantaneously collects the sun’s energy and distributes it for consumption at this store.

American businesses are investing record amounts in solar, with the top corporate users adding 325 megawatts (MW) of installed capacity last year. And the impact of this corporate solar trend is significant: these solar installations produce enough electricity to power 402,000 U.S. homes and offset 2.4 million metric tons of carbon dioxide each year! Target took the #1 spot by adding over 40 MW of solar to its portfolio in 2017 including a number of rooftops at South Carolina stores (like the one above) installed by Southern Current.

Independent Mail: New Solar Farms Coming To Anderson County

Southern Current plans to lease land from two private landowners for new solar farms to be constructed in Anderson County. One is a $7.6 million 30 acre development near Piedmont. The other is 30 acres near Powdersville for a $2.8 million, 2-megawatt farm. Along with four other farms that are still in the planning stages, these six farms will eventually provide over $77,000 in new tax revenue for Anderson County.

Learn More About Solar Energy In South Carolina

Southern Current is proud to be one of the top Solar Installers in the Southeast, with specialties in residential solar for homes, commercial solar for businesses, and utility-scale solar farms for property owners and utilities. Schedule a solar consultation today to receive a free analysis of how much money you could be saving with a solar panel installation! Don’t wait – Summer power bills are coming soon!