Southeastern states, stretching from Florida to Tennessee, have huge growth potential for solar energy, and states like South Carolina are really starting to take off thanks to new financial incentives being offered by local utilities, said Roger Jennings, General Manager of Circular Energy.
High air conditioning loads in the summer and widespread use of electric heating in the winter makes South Carolina one the top 10 states for electricity consumption in the U.S. In efforts to help reduce demand for energy, utilities are providing rebates for energy efficiency measures and solar power installations.
For example, Duke Energy Progress and Duke Energy Carolinas are offering an upfront incentive that will cover 30-40% of the initial project cost for solar. South Carolina Electric & Gas will credit a business for all of the power produced by solar energy, and also pay an additional incentive for the first ten years of the systems operation.
Circular Energy develops customized financial products that can allow customers to go solar without any upfront investment. The new coverage in South Carolina allows organizations to take advantage of local rebates and incentives which will enable the projects to stay cash flow positive throughout the life of the financial product.
Thanks to these market incentives and the thirty percent federal investment tax credit, organizations who go solar in South Carolina this year can expect their investments to pay for themselves in the next four to five years, followed by twenty-plus years of power, Jennings added.
South Carolina businesses interested in Circular Energys services can view more information online or call 1-866-274-5578 to setup a consultation.