Sunny South Carolina is perfectly suited to solar energy, with an average of 216 sunny days per year (this is higher than the national average of 205 days). Homeowners in the Palmetto State are encouraged to make the switch to solar energy and reap the financial benefits of doing so.
Homeowners can significantly reduce or even wipe out their monthly electricity bills if they install solar panels on their properties. In this blog post, we will highlight 3 interesting South Carolina facts that you should know. If you are considering going solar in South Carolina, read on!
1. Homeowners Stand to Save Thousands
The average cost of installing solar panels in South Carolina in 2022 is between $10,474 and $12,801. Homeowners in Richland County, for example, could save between $13,061 and $15,963 within 25 years of installing solar panels.
These estimates are based on the net profit, which is the savings minus the upfront cost of installing solar panels. The exact potential savings depends on a number of factors, including solar panel system size and electricity usage. Switching to solar panels also provides long-term grid independence, which protects homeowners from rising electricity prices.
2. There Are State and Federal Tax Incentives
Until the end of the year, homeowners in the US can avail of the 26% federal solar tax credit. From 2023, the rate is due to drop to 22% and expire entirely thereafter, unless new legislation is passed. Therefore, now is very much the best time to make the switch to solar and save on the upfront cost of installation. You can also read more about the national grid rates increase here to learn more on how much you can save.
What’s more, homeowners in South Carolina can also take advantage of the state’s solar tax credit. This stands at 25% of the purchase and installation costs (there is a maximum amount of $3,500 that can be applied in a single tax year). Combined, the federal and state tax incentives can reduce the upfront cost of installation by more than 50%.
3. Solar Panels Boost Property Values
Homebuyers in South Carolina and across the US are willing to pay a premium for properties with solar panels. Research shows that properties with solar panels sell for around 4.1% more than comparable properties without solar panels. This is because solar panels are viewed as a home upgrade, similar to a finished basement and a renovated kitchen.
Even if you are not planning to sell your property in the near future, it is worth keeping in mind given that solar panels have a lifespan of up to 40 or 50 years.
Interested in learning more about solar energy in South Carolina? View this solar website for more information.
Facts About South Carolina Solar in 2022
The above facts highlight the benefits of solar in South Carolina. Join the thousands of homeowners who are choosing to make the switch to solar energy and realize the benefits for yourself and your family.
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