South Carolina Solar Tax Bill

The renewable energy economic development b ill s.

South carolina solar tax bill.

25 of total system cost up to 35 000. Credits are usually used to offset corporate income tax or individual income tax. But there are other ways to save that don t involve taxes when you go solar in south carolina. 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.

Solar sc gov is south carolina s source for solar information. South carolina s senate moved last week to make solar installations more attractive to businesses by providing property tax breaks for installations. You can enjoy a 25 state tax credit if you buy your own solar system. 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section 12 6 3775 which allows a solar energy property tax credit similar to the credit in section 12 6 3770 that was repealed december 31 2017.

Solar panel tax credits in south carolina. 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 has one of the most generous solar tax credits in the region. 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.

South carolina law encourage s the development and use of indigenous renewable energy resources renewable energy which includes biomass wind solar hydropower geothermal and hydrogen derived from renewable sources can mitigate south carolina s dependence on imported energy and help meet state air quality goals. Solar panels allow you to generate clean energy and can save you money. 1 if you don t pay enough in taxes to qualify for the full 25 credit it ll roll over into the next year. 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.

South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. 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. 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. 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.