News and Announcements

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 Expands Facilities in Darlington County, South Carolina

Similar 2MW solar farm project in Pamplico, Florence county

From Area Development News Desk
7/17/2019

Southern Current, a leading developer in the residential, commercial and utility-scale solar markets, is expanding its solar farm portfolio with new facilities in Darlington County, South Carolina. The company is investing in a total of six individual projects within Darlington County, bringing a collective capital investment of more than $141 million.

“Southern Current is excited to announce our next round of investments in Darlington County. We could not have done this without the help of the economic development team and the county’s leadership. South Carolina is quickly becoming a leader in renewable energy thanks to the commitment of counties like Darlington,” said Southern Current Chief Development Officer Paul Fleury.

“This latest announcement of new projects by Southern Current further proves the future is bright for solar projects throughout the state. Congratulations to Southern Current. We look forward to watching this company continue to grow and thrive in Darlington County,” said Governor Henry McMaster.

“This investment by Southern Current will further strengthen South Carolina’s growing reputation in the area of renewable energy. Providing both environmental and economic impacts, we look forward to continuing this partnership for many years to come,” said Secretary of Commerce Bobby Hitt.

“Southern Current’s second substantial investment in solar power in Darlington County is proof-positive that Darlington County is welcoming to clean energy growth. This expansion will be a win-win for the county and for the company, and is good for the local economy,” said Darlington County Council Chairman Bobby Hudson.

“It is wonderful to see Southern Current announce their second major investment in Darlington County and their third in the NESA region in the past two years. Renewal energy continues to be a great investment in the region and Darlington County leads the way in recognizing the benefits these projects can have on their communities,” said NESA Executive Committee Chairman Yancey McGill.