SOLAR TAX CREDITS IN SOUTH CAROLINA
Utility Solar Power Rebates & Incentive Programs
Dominion’s Solar Power Net Metering Offer
Local homeowners have access to one of the best solar programs in the state. Under Dominion’s Solar Power Net Metering Program homeowners can receive a Full Retail Rate for all of the energy that is produced by a solar panel system. This process is called “net metering” and allows homeowners who produce their own power from renewable sources to be fairly compensated, including a credit that can be rolled over to the next months.
How the Federal Tax Credit Works
The U.S. Federal Government offers a tax credit to both home and business owners who have installed a solar system. A tax credit worth 26% of the total solar system cost and installation is available for the remainder of the year. If the federal tax credit exceeds tax-liability, the excess amount may be carried over to the succeeding taxable year.
How the State Tax Credit Works
The state of South Carolina offers an additional tax credit for home and business owners who switch to solar energy. The South Carolina solar tax credit is worth 25% of the total cost including installation. The maximum incentive for the S.C. state solar tax credits is $35,000, or 50% of taxpayer’s tax liability for that taxable year, whichever is less. The maximum amount that will be paid out each year is $3,500. This credit has no expiration date and any excess credit may be carried forward up to 10 years.