2023 Solar Incentives Guide for Fort Mill, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fort Mill.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Fort Mill solar installers to see how much you can save.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Fort Mill?
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)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives mitigate the cost of installing a solar panel system on your home. This category of financial incentives is intended to encourage more people to switch to renewable energy. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are handled by the state of South Carolina or your specific utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: Your solar panel system might qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when calculating property taxes on your home.
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates work as partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Fort Mill utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other areas you may receive a refund equivalent to 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
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC offers a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006 for you to claim the credit. Initially, the ITC applied to 30% of all costs (panels, labor, accessories and equipment), although the covered amount has fluctuated over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.
To better understand exactly how much the ITC could save you, contact your local Fort Mill solar panel installer.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Now, solar installation projects started after January 1, 2022 and completed by the end of 2032 might qualify for a 30% tax credit. This credit amount will then decrease slightly each year until the current Clean Energy Credit expires in 2035. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Fort Mill solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Similar to federal incentives, these might include tax credits, rebates and more. Some incentives are ongoing, while others are only available for a limited time. They may be provided by the South Carolina government, or by your county or municipality.
Next Steps for Installing Solar in Fort Mill
The expanding number of available solar incentives has helped tremendously increase the nationwide adoption of solar energy over the last 15 years. You can get solar incentives from your local utility company, the South Carolina government or the federal government. It is a good idea to talk to your local Fort Mill solar installation company for more information about these incentives and to ensure that you're getting the most money possible for your solar system.
EcoWatch's Fort Mill, SC Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives will apply to your specific situation.
How can I learn if I qualify for different solar incentives?
Typically, solar incentives apply to:
- a new solar system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the South Carolina government or by your county/municipality, sometimes have additional qualifications. Talk to your local Fort Mill solar installer to find out what incentives your project may qualify for.
How much will solar panels save me annually on my electric bill in Fort Mill?
On average, Fort Mill homeowners who install solar panels save around $970.94 per year, or around $18,447.87 over 20 years after they make the switch.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home — for example, a combination of wind and solar. You can also use both renewable energy sources and a backup source of non-renewable energy. You should discuss your proposed plan with your local Fort Mill solar installation expert, so that you understand what you'll need and what types of incentives you may or may 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.