Looking for an answer to how much does it cost to go solar in South Carolina? Charleston-based Southern Current is proud to be a leading solar installer in the state, with services available throughout the southeast. Contact Us to receive a cost estimate for installing solar at your location.
Here’s what you need to know about the price of solar panel systems in the Palmetto State.
Understanding The Price For A Solar Power Install In South Carolina
For most homeowners in South Carolina, the average solar panel installation will pay for itself in 7 years. That is to say that the length of time it takes for a solar install to produce energy equal to the financial equivalent of how much it costs to install is about 7 years. Payback period is also referred to as return on investment (ROI).
How did we get to the 7 year ROI figure for a home solar install? Our calculations are below.
A standard roof-mounted 8 kW solar energy system will produce approximately $1,594 dollars in energy each year. This assumes a $0.14/kWh value based on costs from SCE&G.
Average Cost Of Going Solar In South Carolina
Using a cost of $3.25/watt we have a gross cost of $26,000 for an 8 kW solar install.
A 30% Federal tax credit is available for solar installs until the end of 2019. 30% of $26,000 equals $7,800, and we can deduct this from the gross cost since the tax credit is money you receive from the federal government on your income taxes. $26,000 – $7,800 = $19,600
A 25% South Carolina tax credit is also available for solar installs. 25% of $26,000 is $6,500 dollars. And just like the Federal tax credit, we can deduct the SC solar tax credit from our gross cost. $26,000 – $7,800 – $6,500 = $11,700
So your net cost for an 8 kW solar system in South Carolina, that is the cost after federal and state tax credits, is just $11,700 dollars.
And as we said before, the financial value of the energy produced by an 8 kW solar panel system in 1 year is equal to approximately $1,594 dollars.
$11,700 dollars net cost / $1,594 dollars worth of energy produced each year = 7.34 years, or 7 years and 4 months until the solar panel installation pays for itself.
Final Notes On South Carolina Solar Costs
A solar panel system can be designed to offset 100% of your annual electricity costs. Instead of paying the local utility for power, you can generate your own electricity from solar panels. Going solar allows you to be energy independent and save money. The above example for an 8 kW solar panel install is an average system, but you may need more or less panels depending on your energy usage and habits.
Financing is available. You might be wondering, “How the heck do people afford to go solar?” Most people don’t have an extra $10 to $20k sitting in a savings account for a rainy day. Instead, the solar industry has gotten creative in designing finance packages that allow homeowners like you to go solar for $0 Down. Use the energy savings from your new solar power system to pay for the project over time, and save money each month.
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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!