Solar power in Lexington, South Carolina
SCE&G offers their customers a net metering programk, which makes solar a smart, easy choice in Lexington.
South Carolina offers a state tax credit of 50% on solar purchases,, up to $3,500.
After deducting the state tax credit, a large percentage of the system cost may also be claimed on the federal solar tax credit. It's worth 26% in 2020, and 22% in 2021. The federal solar tax credit may be used over several years and has no size limitations, even if your solar system is 100kW you will still receive the applicable percentage.
Generous incentives like these are being fought by utilities and many legislatures, so don't wait any longer!
Net Metering Broken Down
SCE&G's net metering program credits customers excess solar at 1 for 1 per kWh with the retail power rate. Credit after paying off your bill will be carried forward for future bills for the next year and at the end of the year unused credit will be paid to you the customer.
With great sun exposure in Lexington, net metering will make you a lot of money.
The average cost of installing residential solar panels in Lexington,
South Carolina in 2024 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Lexington, SC
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in South Carolina is only 1199kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Lexington solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our South Carolina solar savings calculator can do this because it contains a database of the electric rates charged by Aiken Electric Coop Inc, Mid-Carolina Electric Coop Inc, Newberry Electric Coop Inc, South Carolina Electric & Gas Co, Tri-County Electric Coop Inc
How much can solar panels save you in Lexington
What does the cost of a real solar system look like?
Facts about installing a 12.32kW solar system in Lexington, SC
This system would offset 100% of your energy usage if your typical monthly bill is $232, however your situation may vary so try our Lexington solar calculator to get a result tailored to you.
$21,114
Net cost of system
6 Years 7 Months
Average payback time
16,473 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
30¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 12.32kW system
Life-time savings on this system over the next 25 years
$93,389
(Prices shown after repayments of capital)
34
Solar companies in Lexington, SC that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Lexington
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,460 | $6,977 |
| 4kw | $8,495 | $9,175 |
| 5kw | $10,434 | $11,269 |
| 6kw | $12,343 | $13,331 |
| 7kw | $14,141 | $15,273 |
| 8kw | $15,925 | $17,199 |
| 9kw | $17,582 | $18,989 |
| 10kw | $19,240 | $20,779 |
Find out what system size you need for your home
Going solar in South Carolina
Check out all of the ways energy providers of South Carolina can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar Energy State Tax Credit | State | Personal Tax Credit |
| Net Metering | State | Net Metering |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
