The Carolinas region has embraced green energy and emerged as a leader in installed solar power capacity in the United States. In fact, North Carolina is one of the top five states using solar power electricity in the United States, according to Environment America. South Carolina has the potential to join North Carolina as a national leader in renewable energy. Here are three major factors that could make South Carolina a leading state in solar energy:
- Tax credits – The South Carolina Office of Energy, through the Plan for State Energy Policy, provides generous tax credits designed to entice South Carolina homeowners to buy and install solar power equipment. Homeowners are eligible for a tax credit proportional to 25% of the installation and system costs. This tax credit is capped at $3,500 or half of the resident’s tax liability (lesser value prevails). Furthermore, this amount may be redeemed every taxable year and surplus credit is transferred over to the next year for up to ten years.
- Declining costs – The cost of solar photovoltaic (PV) modules has dropped over the last few years. A study by the International Renewable Energy Agency reported that since 2009, solar PV modules have fallen 75% and the cost of electricity from utility-scale solar PV has been reduced by nearly half.
- Renewable Portfolio Standard – A Renewable Portfolio Standard (RPS) requires utilities in a state to eventually source at least a certain percentage of their electricity from clean, renewable sources like solar panels. Just over half of the states in the Union have an RPS and South Carolina, along with North Carolina, is one of them. This means residents can be sure of a continued solar presence in their state for years to come.
If you want to join the growing wave of South Carolina homeowners embracing solar energy, Baker Renewable Energy can help. Call Baker Renewable Energy’s Charleston office at (877) 664-6961 to schedule a free energy assessment for your home or business.