South Carolina Solar Tax Bill

We will help guide you through the process of switching to solar and producing your own energy educate you on how solar energy works and will be with you every step of the.

South carolina solar tax bill.

You can enjoy a 25 state tax credit if you buy your own solar system. Solar panel tax credits in south carolina. 1 if you don t pay enough in taxes to qualify for the full 25 credit it ll roll over into the next year. Credits are usually used to offset corporate income tax or individual income tax.

However purchasing a solar system or signing a 20 year lease for solar panels is like buying a car you need to do your homework check prices from several sources and think carefully about. This bill adds section 12 6 3775 which allows a solar energy property tax credit similar to the credit in section 12 6 3770 that was repealed december 31 2017. The south carolina legislature on thursday unanimously passed the energy freedom act a comprehensive solar bill that will lift the state s 2 cap on net metering among many other pro solar actions. But there are other ways to save that don t involve taxes when you go solar in south carolina.

South carolina is now a solar friendly state and south carolina solar is here to help homeowners switch from traditional utility services to green sustainable solar energy. 44 which now moves on to the state s house of representatives would allow residential solar owners to receive an 80 property tax abatement following the installation of a qualifying. Can only take 3 500 or 50 of your tax liability per year for up to 10 years. A tax credit is an amount of money that can be used to offset your tax liability.

South carolina s senate moved last week to make solar installations more attractive to businesses by providing property tax breaks for installations. With the federal solar tax credit already reduced from 30 to 26 percent there s never been a better time to go solar in the palmetto state. Still solar can help with south carolina s sky high electric bills and the state s solar tax credit is among the best in the nation. Solar panels allow you to generate clean energy and can save you money.

25 of total system cost up to 35 000. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. South carolina has one of the most generous solar tax credits in the region. The bill allows a taxpayer who constructs purchases or leases solar energy property to claim an income tax credit equal to 25 percent of the cost including the cost of installation.