One of the biggest benefits to switching to solar is not a very well-kept secret: you could potentially receive a tax credit for installing your system. This credit was legalized by Senate Bill 1141 in July of 2009 and, since then, numerous South Carolina residents have made the switch to renewable solar energy to reduce or even completely eliminate their electric bills.
What is South Carolina’s Solar Tax Credit?
South Carolina will grant you a credit for 25% of your solar system’s eligible costs, up to a maximum of either $3,500 or half of your tax liability. For those who find they frequently owe a large amount of taxes every year, a solar system could provide you with tremendous savings on your annual payments.
What are these eligible costs? The good news for taxpayers is nearly all of your solar system’s components are covered.
Costs included in the tax credit:
- Solar panels
- Installation hardware
- Water pumps
- Heat exchangers
- Any other equipment used in the system itself directly
- Installation labor
Costs not included:
- Structural features needed to mount solar panels (i.e. walls or roofs)
- Remodels or structural reinforcement needed on existing features to support a solar system
What is Required to Obtain a Tax Credit?
In order for you to obtain this tax credit, you must get your system certified by an approved inspection company that is endorsed by the South Carolina Energy Office. The Solar Rating and Certification Corporation is just one example. Once this certification is placed on file with the Energy Office, you will be qualified to receive your credit.
Sunpower® by South Coast Solar is an industry leader in solar panel installation in Columbia, South Carolina area. We are one of the largest installation companies in the region and emphasize honesty, integrity, and quality of our workmanship.Contact Sunpower® by South Coast Solar to speak with our Columbia Solar Panel Installers today.