South Carolina Solar Tax Credit 2018

A tax credit is an amount of money that can be used to offset your tax liability.

South carolina solar tax credit 2018.

Cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy. Your income tax for 2018 will be 3 271 and half of that is 1 636. 25 of total system cost up to 35 000. The state of south carolina offers an additional tax credit for home and business owners who go solar worth 25 of the total cost including installation.

South carolina solar energy tax credit. Your 5 kw solar system costs 16 250 meaning you re eligible for a state tax credit of 4 063 25 of the cost. 25 south carolina tax credit for solar energy systems. Solar energy property credit.

Here s an example of how the south carolina tax credit works. Can only take 3 500 or 50 of your tax liability per year for up to 10 years. Certification for pv systems. Say you re a married couple making 75 000 yr.

Sc solar energy system credit. For a list of incentives by category visit the south carolina tax incentives webpage. Taxcredits dor sc gov angel investor credit parental refundable credit and education donor nonrefundable credit. One of the duties assigned to the energy office by the south carolina energy and efficiency act of 1992 was to serve as a central clearinghouse for information related to energy use and energy efficiency in south carolina along with federal and state energy tax incentives.

To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return. The corresponding code. Solar incentives rebates and tax credits available in south carolina in 2020. The state of south carolina offers a number of tax incentives for energy efficiency and fuel production.

South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. Application for solar energy property credit. General tax credit questions. Residents of the palmetto state can claim 25 percent of their solar costs as a tax credit and if you don t pay enough in taxes to get the full value of the credit in one year it.

Credits are usually used to offset corporate income tax or individual income tax. The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. The south carolina solar energy tax credit is 25.