Financial Incentives: Residential Solar Tax Credits
Politics can be unpredictable so take advantage of the tax credits available now. The federal tax credit of 30% will only be valid till 12/31/2019. After 12/31/2019 the federal tax credit will decrease to 26%. Then on 12/31/2020, the tax credit will be reduced to 22%. Now is the time to act in order to receive the tax credit advantage.
Before going solar contact your accountant to fully understand the tax credits impact on your financial situation.
Federal Solar Tax Credit*
The Federal Government offers a Tax rebate of 30% of your total solar system cost. There is no set cap to this rebate. It must be used on the same tax year that the system was installed.
State Tax Credit*
South Carolina has a state tax credit of 25% of the total cost of your solar system. This is capped at $3,500 or 50% of your tax liabilities. These tax credits can be carried out for up to 10 years.
How do I claim my residential energy credit?
Follow the IRS link to learn more:
IRS Residential Energy Credit
