It's brand new in SC as of 07-01-2008. Only for people on investor owned utilities. It's not a great version of net metering but it does exist. You basically have two choices.
1. Time-of-Use. You can switch to a time-of-use schedule and your rate structure changes for usage and generation. You get charged (and credited) differently for peak and off-peak kWh rates. There's also a demand charge aspect to the bill. This option can either be really good or really bad. Good for only customers that are really knowledgeable in TOU and have the demand management tools to make it work for your home. Otherwise it's a bad option.
2. Flate Rate net metering. This has some additional facilities charges but let's you stay on your existing flat rate schedule. So there's no difference on what you pay. No peak, off peak rates. No demand charge. It's not a true net metering because you don't get retail credit for your excess kWh generation. You get the avoided cost rate. So it's not a true one-for-one swap. It's an OK net metering when you compare it to some states, but it's not great.
There is however a thrid option now available. PaCE (Palmetto Clean Energy) is a buy-all/sell-all arrangement. You put a separate meter on your house dedicated to solar production. This meter records every kWh generated and sends it up the grid. Your utility (only IOU's at this point) pays you the avoided cost rate (normally about half of what retail rate is) for every kWh and PaCE pays you 15 cents for those same kWhs. If PaCE gets enough donated money (from customers purchasing their $4 blocks of green power) this program could really help sell solar in SC. Getting 20-ish cents for every kWh really helps get payback periods down.
There is a south carolina solar council yahoo user group that has a few discussions on this topic.
PaCE is
www.palmettocleanenergy.com
I've followed this topic quite closely. Being in solar in SC sort of requires this. Let me know if you have any additional questions.