South Carolina Solar Tax Bill

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.

South carolina solar tax bill.

You can enjoy a 25 state tax credit if you buy your own solar system. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. The renewable energy economic development b ill s. Solar panels allow you to generate clean energy and can save you money.

South carolina s senate moved last week to make solar installations more attractive to businesses by providing property tax breaks for installations. Can only take 3 500 or 50 of your tax liability per year for up to 10 years. Credits are usually used to offset corporate income tax or individual income tax. 25 of total system cost up to 35 000.

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

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. 1 if you don t pay enough in taxes to qualify for the full 25 credit it ll roll over into the next year. 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. 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.

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section 12 6 3775 which allows a solar energy property tax credit similar to the credit in section 12 6 3770 that was repealed december 31 2017. 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. Solar sc gov is south carolina s source for solar information. 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.