South Carolina Solar Rebates and Incentives
November 2, 2023
South Carolina is a great state to be in if you’re considering going solar.
The cost of going solar depends on your solar panel system’s size, local electricity costs and various other factors. Some of the most important factors include local and federal energy policies that save you money.
And when you want to drastically reduce what you spend on energy while leading a cleaner, more sustainable life, solar is the answer.
Keep reading to discover the many South Carolina solar incentives and South Carolina solar rebates. They’re available at the federal, state and local levels for your home or business in the Palmetto State.
South Carolina Solar Energy Tax Credit
If you’re a homeowner, you can claim a tax credit equaling up to 25% of your total solar system installation cost. The South Carolina solar tax credit is applied on an annual basis over 10 years and equals up to $3,500 per year or 50% of your state tax liability for the applicable year, whichever is less. Subject to sufficient state tax liability, the maximum tax credit available over 10 years is $35.000.
Federal Investment Tax Credit
Meanwhile, the federal government provides the solar investment tax credit (ITC) for both residential and commercial solar installations. The ITC allows homeowners and business owners to deduct 30% of the total cost of their solar panel system from their federal taxes. And that means you save a pretty penny!
Still, it’s important to note that this credit has decreased to 26% if you install your panels in or after 2033.
Net metering policies can vary depending on the state and the utility company. In many cases, net metering allows homeowners to receive credit for excess electricity that their solar panels generate. This means that when your solar panels produce more electricity than you consume, all that excess energy goes back into the grid. In return, you receive credits on your utility bill for that surplus energy. However, it is important to check with your specific utility company to determine the net metering policy in your area.
[Related: What Is Off-Grid Solar Power?]
Contact Freedom Solar To Start Saving With Solar Power
Call us at (800) 504-2337 or complete our inquiry form. One of our energy consultants will be in touch to start your free consultation!
*Tax credits are subject to change. Consult your tax advisor regarding how incentives and rebates apply to your specific circumstances. Visit the DSIRE website for detailed solar policy information. Freedom Solar does not provide legal or tax advice.