2024 Solar Incentives Guide for Easley, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Easley.
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 Easley?
Duke Energy (Electric) - Residential Energy Efficiency Rebate Program
Geothermal Heat Pump: $400 + $50 with added smart thermostat
Heat Pump Water Heater: $350
Attic Insulation or Attic Air Sealing: $250
Duct Sealing: $100
Variable-Speed Pool Pumps: $300
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)
Blue Ridge Electric Cooperative - Heat Pump Loan Program
One heat pump: up to $10,000
Two or more heat pumps: up to $15,000
One geothermal heat pump: up to $10,000
Mobile home
One heat pump up to $8,000
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Various kinds of incentives, such as cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be provided via the state of South Carolina, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Net Metering: You may be able to sign a net metering agreement with your Easley utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your monthly utility bill.
- Rebates: Rebates, or partial refunds after a purchase, are normally applied before any solar tax credits are calculated. These rebates may be provided by your local utility company, by your state or by your county.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions let you exclude the value that your solar panels add when you calculate how much property tax you need to pay.
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 thinking about solar incentives, you probably think of federal incentives first. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a specified percentage of the money you spend on your solar system.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property you own for you to claim the credit. Originally, the ITC covered 30% of all system costs (panels, equipment, accessories and labor), although this amount has fluctuated slightly over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
Your local Easley solar panel installation expert can provide more information about the ITC and how it might apply to your situation.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. After 2032, the credit percentage will be reduced slightly each year until the program expires in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Easley solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more might also be offered at the local or state level. Certain incentives are ongoing, while others are offered for only a limited time. Your local incentives could come from your county or municipality, or from the South Carolina government.
Next Steps for Installing Solar in Easley
Solar energy use nationwide has significantly increased in the past 15 years, in part due to the growth in the number of solar incentives. You might receive these incentives from your local utility company, the federal government or the South Carolina government. If you're ready to make the change to solar energy, calling your local Easley solar panel installation expert is an excellent place to start.
EcoWatch's Easley, SC Solar Incentives FAQs
How much can I save on my electric bill annually if I install solar panels on my house in Easley?
After adding solar panels to your house in Easley, you can expect to save around $1,119.85 per year, or about $21,277.23 over the next 20 years.
Who installs solar panels near me?
To learn about the top solar panel installers near you, take a look at our article on the best solar companies in Easley.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly named the federal solar tax credit, or ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on precisely which incentives you are eligible for, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to verify that you are claiming incentives correctly and that you're getting the most money possible.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to go over your ideas with your local Easley solar installation expert. They can help you with the plan for your project and educate you on the various incentives that you might or might not qualify for.
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.