Adding solar panels and switching rate plans can lower your Duke Energy South Carolina electric bill
Updated: October 22, 2020There are three ways you can reduce your Duke SC bill: changing your habits, switching your rate plan, and adding solar panels.
You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.
The second thing you can do is switch your rate plan. Duke SC doesn't offer time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, but there may be other options for you .
Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.
On this page:
Solar panel cost calculator
How much can I reduce my Duke Energy South Carolina bill by switching to a different rate plan
For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to Duke Energy South Carolina each year for no reason.
Finding out what's available to you is as simple as a phone call or email to Duke Energy South Carolina. Even a small savings can be worth it.
Are solar panels worth it for Duke Energy South Carolina customers?
Yes, with a strong South Carolina tax credit of 25% of your solar purchase and installation costs, solar panels for your home make a lot of sense for Duke Energy customers. Duke’s excess solar generation rate rider also allows you to get full credit on your power bill for the excess solar electricity your panels produce which you can’t use onsite. Your credits accrue at the same rate you pay for electricity, and roll over to the next month’s bill.
Does Duke Energy South Carolina offer full 1 for 1 net metering credits for exported solar power
No, Duke Energy South Carolina does not offer full 1 for 1 net metering. This means that when you export surplus power from your solar panels, you will be paid less by the utility than what you are charged to buy the equivalent amount of power from the grid.
If you have excess energy credits after offsetting your usage over the course of a year, Duke will pay you out for those credits at an Excess Energy rate of $0.0432 per kWh. After that, the amount of Excess Energy in your account will be reset to zero.
What incentives, tax credits and rebates are available to Duke SC customers for installing solar?
The major financial incentive currently available until the end of 2023 is the 30% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.
Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal credit.
Here is every incentive you may be eligible for as a Duke SC customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$5,579 |
|
Solar Energy State Tax Credit
(State)
25% of costs up to $3,500 or half of state tax liability, per year. Unused credits carry forward for a maximum of 10 years; thus the $35,000 cap. |
-$6,199 |
|
Net Metering
(State)
Investor-owned utilities are required to offer full retail rate for excess kWh produced. New net metering rules for Duke customers require that participants accept service on a time-of-use rate plan and are assessed a minimum monthly bill. Customers who applied for net metering before June 1, 2021 will receive net metering under the old rules until May 2029. |
Varies |
| TOTAL | -$11,779 |
*Based on 10.21 kW system, average installation cost $24,798
How much does installing solar panels save the average Duke Energy South Carolina residential customer?
If you input the details for a Duke SC customer with a power bill of $160 per month into the best online solar panels calculator, it tells you that you need a 10.21 kW solar system that will produce 14,314 kWh per year and that this system will return the owner a $44,527 profit after repaying the cost of the system.
The solar savings possible for you as a Duke SC customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical Duke SC customer with a $160 per month electric bill prior to solar and who installs a 10.21 kW solar system.
How much do residential solar panels cost for Duke SC customers?
Showing data for:
Prices based on a 9.9kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$38,938-$47,591
Payback period
7.1-8.6 years
Recommended size for the selected utility bill
9.9kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 10.21 kW |
|
Annual Power Generation 14,314 kWh |
|
Pay-back time (assuming Cash purchase) 8.2 Years |
|
Internal Rate of Return (IRR) on Investment 8.7% |
|
Gross cost $24,798 |
|
Total Upfront Incentives and Rebates -$9,946 |
|
Net Cost of System after rebates and incentives $14,848 |
|
Total Cost of Utility Power Avoided over 25 years $59,375 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Duke Energy South Carolina customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Duke Energy South Carolina customer installing a 10.21 kW solar system on their property:
A solar system generating 14,314 kWh per year will save you money AND make the world a nicer place
Saves you
$1,781
on average per year
Reduces CO2 emissions
7.09
tons per year
Equivalent to planting
50 trees
per year
Equivalent to driving
15,674 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Duke Energy South Carolina customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.43 per watt or $14,848 for a standard 10.21 kW solar system after the customer claims the 30% federal solar tax credit.