South Carolina Solar Tax Credit Expiration

When you consider the recent extension of the federal itc for solar the horizon of incentives in north carolina broadens even further.

South carolina solar tax credit expiration.

South carolina s solar energy tax credit passed by the state legislature lets residents claim a state tax credit of 25 of the whole installed cost of a solar pv system. 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. Here s an example of how the south carolina tax credit works. Say you re a married couple making 75 000 yr.

Solar panels allow you to generate clean energy and can save you money. 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. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. South carolina solar energy tax credit.

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. Solar sc gov is south carolina s source for solar information. For a list of incentives by category visit the south carolina tax incentives webpage. The largest credit that can be applied in a single year is 3500 or 50 of your state tax liability whichever is less.

Your income tax for 2018 will be 3 271 and half of that is 1 636. Cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy. Federal energy efficiency tax. South carolina department of revenue po box 125 columbia sc 29214 0825.

Credits not used may be carried forward for ten years. Federal investment tax credit. The corresponding code. Can only take 3 500 or 50 of your tax liability per year for up to 10 years.

General tax credit questions. Your 5 kw solar system costs 16 250 meaning you re eligible for a state tax credit of 4 063 25 of the cost. To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return. Credits are usually used to offset corporate income tax or individual income tax.

With so many. A tax credit is an amount of money that can be used to offset your tax liability. The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. Taxcredits dor sc gov angel investor credit parental refundable credit and education donor nonrefundable credit.

Thanks to this legislation solar loan terms in north carolina can be no longer than 20 years have an interest rate cap set at 8 percent and can easily be renewed.