The federal government provides all homeowners and businesses with a solar tax credit. This credit allows you to deduct 26 percent of the total cost of your solar energy system from your federal taxes. Known as the Investment Tax Credit (ITC), this credit applies to both residential and commercial systems. There is no cap on the total credit you can receive. However, to capitalize on this tax incentive, it’s important to act quickly. The future of this tax credit is uncertain, but once you have filed for it, you are guaranteed the opportunity to take the credit in the amount for which you filed, even if the incentive rate changes while you claim the entire credit amount.
In South Carolina, the state offers a tax credit of 25% of the total cost of your solar energy system. The state limits the amount you can claim in each year to $3,500, or half of your state tax liability, whichever is lower. You have up to 10 years to claim the full 25% credit.
Depending on your utility company – you may be eligible for additional rebates or incentives for your new solar energy system.
Dominion South Carolina: Dominion offers time-based net-metering for systems installed.
Palmetto Electric Cooperative: Palmetto Electric Cooperative offers net-metering for systems installed.
Santee Cooper: Santee Cooper offers an annual incentive program for eligible solar power customers. Their customers are eligible for a rebate of a fixed dollar amount per watt of solar energy they install. The per watt dollar amount and incentive cap varies year to year. These incentives are typically available for a limited amount of time each year, so timing of the purchase and installation of your solar array should be carefully managed. Santee Cooper also offers time-based net-metering for systems installed.
Duke Energy Progress: Duke Energy Progress offers net-metering for systems installed.
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