2024 Solar Incentives Guide for Socastee, SC - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Socastee?

Source: https://www.dsireusa.org/

The term "solar incentives" includes a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for various kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the South Carolina government and others from the federal government. Some broad categories of solar incentives include:

• Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
• Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar panels. Property tax exemptions allow you to exclude the added value of your solar system when you're calculating the amount of property tax you need to pay.
• Rebates: A solar rebate is a partial refund given after you've purchased your solar panels. These could be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
• Net Metering: Don't forget to talk to your Socastee utility company about signing a net metering agreement. This allows you to receive credit towards your utility bill every month for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.

Best Solar Financing

Blue Raven Solar

★★★★★

4.5

• Industry-leading in-house financing
• Competitive pricing
• Excellent reputation
• Doesn't offer solar batteries

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Outstanding Regional Installer

Renu Energy Solutions

★★★★★

4.5

• Excellent reputation
• Many financing options
• Representatives are experts on local policies
• No leases or PPAs

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Best for Leasing

Sunrun

★★★★★

4.0

• Expansive service area
• Many financing options
• Some reported issues with customer service
• Some reported issues with door-to-door sales

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Federal Solar Incentives

Federal solar incentives are likely to be the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.

The ITC covers solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can apply towards a solar panel system installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.

Speaking with your local Socastee solar panel installer is the best way to learn more about how the ITC may apply to you.

In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit; this amount will decrease slightly each year until the end of the current program. The program expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, get in touch with your local Socastee solar installation expert.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. Like with federal incentives, these might include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. Local solar incentives could come from the South Carolina government, or from your specific county or municipality.

Next Steps for Installing Solar in Socastee

The large number of available solar incentives has contributed greatly to the increase in the use of solar power nationwide over the last 15 years. You can get solar incentives from your local utility company, the South Carolina government or the federal government. Reach out to your local solar panel installation expert today to discover more about the various programs and to save the most money possible on a solar system for your Socastee home.