South Carolina Solar Tax Credit 2018

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.

South carolina solar tax credit 2018.

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. 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. Your 5 kw solar system costs 16 250 meaning you re eligible for a state tax credit of 4 063 25 of the cost. General tax credit questions.

Can only take 3 500 or 50 of your tax liability per year for up to 10 years. Solar energy property 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.

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. 25 south carolina tax credit for solar energy systems. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies.

Credits are usually used to offset corporate income tax or individual income tax. To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return. Application for solar energy property credit. The corresponding code.

The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. Cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy. Say you re a married couple making 75 000 yr. South carolina solar energy tax credit.

Application for clean energy credit. Sc solar energy system credit. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. South carolina department of revenue po box 125 columbia sc 29214 0825.

Here s an example of how the south carolina tax credit works. The state of south carolina offers a number of tax incentives for energy efficiency and fuel production. The south carolina solar energy tax credit is 25.