Are solar panels tax deductible in South Carolina?

South Carolina offers its residents many money-saving incentives for solar. You can get tax credits, property tax exemptions, rebates and loans. There are two money-saving tax breaks available statewide in South Carolina: Personal tax credit: You can receive a state income tax credit equal to 25% of the costs of a new solar system.

Are solar panels a good investment in South Carolina?

Installing solar panels in South Carolina can be a good investment due to the availability of significant tax credits. The combined federal and state tax credits offer a discount of 55% on the cost of installation. Customers of Santee Cooper will also receive further rebates of several thousand dollars.

How much do solar panels cost in South Carolina?

The cost of a 5 kW solar panel system in South Carolina is around $12,,789. After applying the 30% credit, the cost comes down to $8,,952.

When should I go solar in South Carolina?

There is no cap on net metering until June, 2021, so it’s a good idea to go solar until then to make sure you’re entitled to all your credits when you generate more solar than you use during the middle of the day with a home solar system here in South Carolina.

How much tax credit do solar panels get?

The federal tax credit falls to 26% starting in 2033. With net metering in some states, you get full retail rate credit for the amount of electricity you send back into the grid with your solar panels.

What is the cost of a solar panel rebate?

The solar panel rebate in South Carolina is $0.95 per watt, up to $5,700. The Residential Clean Energy Credit, formerly known as the federal investment tax credit (ITC), can reduce your solar panel system's cost by 30%. Your entire system, including all the equipment, labor, permitting, and sales tax, qualifies for the ITC.