South Carolina Solar Tax Bill

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.

South carolina solar tax bill. 44 which now moves on to the state s house of representatives would allow residential solar owners to receive an 80 property tax abatement following the installation of a qualifying. South carolina s senate moved last week to make solar installations more attractive to businesses by providing property tax breaks for installations. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. You can enjoy a 25 state tax credit if you buy your own solar system.

The renewable energy economic development b ill s. South carolina has one of the most generous solar tax credits in the region. 1 if you don t pay enough in taxes to qualify for the full 25 credit it ll roll over into the next year. 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.

Credits are usually used to offset corporate income tax or individual income tax. Can only take 3 500 or 50 of your tax liability per year for up to 10 years. But there are other ways to save that don t involve taxes when you go solar in south carolina. Solar sc gov is south carolina s source for solar information.

A tax credit is an amount of money that can be used to offset your tax liability. In voting down the bill white argued that if solar projects start increasing dramatically because of property tax incentives there wouldn t be enough land for farming and timber in south carolina. Solar panel tax credits in south carolina. 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section 12 6 3775 which allows a solar energy property tax credit similar to the credit in section 12 6 3770 that was repealed december 31 2017.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. 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. 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.