2024 Solar Incentives Guide for Cayce, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Cayce.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Cayce?
Renewable Energy and Energy Storage Property Tax Exemption
Santee Cooper - Rooftop Solar Rebate Program
Non-Profit: $1.30/W
Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate)
Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. These financial incentives are intended to encourage more people to make the switch to renewable energy. The incentives might include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the South Carolina government and some by your utility company, county or municipality. Categories of solar incentives include:
- Rebates: Solar rebates may be provided by your county or state, or by your local utility company. These rebates are essentially cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions allow you to ignore the added value of your solar system when you're calculating the amount of property tax you need to pay.
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have a net metering agreement with your Cayce utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
When you think about solar incentives, you likely think of federal incentives first. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a predetermined percentage of your solar system's cost.
The ITC can be applied to the total cost of solar system installation, including the panels themselves as well as labor, accessories and equipment. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Wondering how the ITC applies to your specific situation? Get in touch with your local Cayce solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now titled the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. You can now apply for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The total credit will then be decreased by a few percentage points every year until it expires. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit will apply to you, reach out to your local Cayce solar installation company.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more can be offered at a more local level. These incentives may be distributed by the South Carolina government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Cayce
The nationwide use of solar energy has gone up significantly in the past 15 years, in part due to the increase in availability of solar incentives. You can obtain these incentives from your local utility company, the federal government or the South Carolina government. When you're prepared to make the switch to solar energy, talking to your local Cayce solar panel installation expert is a great first step.
EcoWatch's Cayce, SC Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Cayce?
Once you add solar panels to your Cayce home, you can expect to save around $1,182.62 per year, or around $23,652.31 over 20 years.
What are the highest-rated solar panel installation companies near me?
To learn about the best solar panel installers near you, read our article on the best solar companies in Cayce.
What are some environmental benefits of installing solar panels on my home?
Solar energy is a renewable energy source — by switching where you get your energy, you help lessen the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 100 pounds yearly, or around 2,000 pounds in 20 years.
When does the federal solar tax credit end?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to switch my appliances out for ones that are more energy-efficient. Are there any credits I can apply for?
The new Inflation Reduction Act creates a variety of new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.