South Carolina has created a landmark target of installing 2,000 solar panels on residential roofs within 16 months.
The initiative is part of a large scale plan to triple the state’s solar capacity.
Right now, various industry groups are launching an effort to promote residential rooftop installations across the Charleston region.
A year-long drop in the price of panels, new financing options, recent South Carolina legislation that encourage solar and state and federal tax credits that can rebate 55 percent of the cost of a solar system are key factors favoring the target.
At present, South Carolina gets major part of the solar power from the panels on the roof of Boeing’s aircraft assembly plant in North Charleston.
SmartPower will join Solarize South Carolina campaign to kich off the effort.
The Solarize South Carolina campaign is working with Alder Energy Systems Sunstore Solar and Dividend Solar, offering loans paired with performance guarantees.
The company offers 20-year, zero-down loans for homeowners in order to install solar with no extra cost.
The loans are designed in such a way that homeowners will use their federal and state tax credits to pay down the balance. A $25,000 rooftop solar installation will cost $11,250 after the tax credits.
If the tax credits exceed the tax owed, the remaining credits carry over against the next year’s tax bill. However, the residential solar tax credit is available for owner-occupied homes.
According to the 2014 compromise between electric utilities and environmental groups, for at least 10 years homeowners with solar power can sell their excess power to utilities for the same price utilities charge for power.
Generally, a home with solar panels can generate more power than the home needs. As power flows to and from the house, the homeowner through net metering can buy as well as sell power.
In addition, the companies check if a home is appropriate for solar power. The roof’s orientation to the sun, the pitch of the roof, the size of the roof,and shade from nearby trees all are factors that would influence the appropriateness of solar panels.
Sabeena Wahid
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