If you are considering solar panels for your home, you may want to know about the solar incentives and rebates for your state. These incentives and rebates are in addition to the My Federal Tax Credit.
States with Incentives and Rebates
These are a few of the states with more significant incentives and rebates although most states have some type of plan, if only at the federal level.
- New Hampshire
- New Jersey
- New York
- North Carolina
- South Carolina
South Carolina Incentives and Rebates
In South Carolina, there are two main programs: the Federal Solar Tax Credit (ITC), solar panel tax credits, and other variable programs in addition, which we will cover.
Some of these programs have up to a 25% state tax credit as well as a 30%* Federal Investment Tax Credit. The savings are quite substantial and well worth the investment of solar panels.
Federal Solar Tax Credit (ITC)
This credit, as mentioned above, is one of the best ones available. You get a reduction on your federal income taxes by 30%* of your solar panels system costs. The good thing is that the Federal Solar Tax Credit (ITC) carries over, so even if you do not pay enough taxes in one year to be able to claim this credit, everything carries over into future years.
*Based on your individual tax liability.
Duke Energy Process
With this incentive, customers of Duke Energy get substantial savings. There is a $1.00 rebate for every watt (W) of solar power they install on their home or business. An average 6-kilowatt system means an extra $6000 in savings that helps defray some of the costs of your investment in solar panels.
South Carolina Electric and Gas (SCE&G)
For this program, you may qualify for up to $0.04 per kWh of energy your panels produce. How it works is it is a payment program that goes down in value with more panels being installed in the state. So getting in early with SCE&G’s program will net you the most savings because as more are installed, the incentive is lowered.
South Carolina Solar Savings
South Carolina has some of the most significant savings with incentives and credits for those installing solar panels. These savings can be combined and you may be eligible for other incentives like Solar Renewable Energy Credits (SRECs) or even earn and sell credits for the electricity your solar panels create.