50 states of solar incentives, South Carolina has over 2 GW of solar installed, much of it coming online in the last five years, according to the Solar Energy Industries Association.
South Carolina’s solar industry was essentially born six years ago in 2016, when a boom in both residential and utility-scale solar occurred in the state. Before this, there was an infinitesimal cumulative capacity of solar. In 2020, the state experienced peak deployment, with nearly 600 MW of capacity installed, the vast majority of which was utility-scale. South Carolina ranks among the top three sunniest states east of the Mississippi River along with Florida and Georgia. However, it lags cloudier states like New York and Massachusetts in terms of solar deployment. 50 states of solar incentives, Thus far, just over 2 GW of solar has been installed in the state. In total, the Solar Energy Industries Association (SEIA) reports that $2.6 billion has been invested in solar in South Carolina to date. There are 73 solar companies, including 18 manufacturers in the state. SEIA projects an additional 1.4 GW will be installed over the next five years, which would mark a deceleration in deployment compared to the previous five. This projection may not include the increased buildout that is expected following the passage of the Inflation Reduction Act of 2022,
which includes a record $370 billion in climate and energy spending. Perhaps the most significant incentive in the state is the personal tax credit, which covers 25% of system equipment costs. 50 states of solar incentives, The incentive credits a maximum of $3,500, or 50% of taxpayer’s tax liability for that taxable year, whichever is less. If the amount of the credit exceeds $3,500 for each facility, the taxpayer may carry forward the excess for up to ten years. The South Carolina state government maintains a database of active incentives and net metering structures for the various utilities across the state. Incentives and rates vary widely, so those interested in residential and commercial solar can find more information about opportunities with their utility provider here. For example, Santee Cooper customers are eligible for a rebate of $1.05/W of solar energy that they install on their roofs, up to $6,300. The state also offers net metering, which involves crediting a customer on their bill for excess solar production they send to the grid. Net metering rates vary widely by utility and customer rate type, so it is important to understand how much value the solar system will receive for its production.
Source: This news is originally published by pv-magazine-usa