2024 Solar Incentives Guide for Gaffney, SC - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Gaffney.

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.
Get a free quote from one of our trusted Gaffney solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Gaffney?

Santee Cooper - Rooftop Solar Rebate Program

Incentive Type:
Rebate Program
Residential and Commercial: $1.05/W
Non-Profit: $1.30/W

Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal)

Incentive Type:
Personal Tax Credit
25% of eligible costs

Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate)

Incentive Type:
Corporate Tax Credit
25% of eligible costs

Renewable Energy and Energy Storage Property Tax Exemption

Incentive Type:
Property Tax Incentive
100% exemption

Duke Energy (Electric) - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Central Air Conditioning or Heat Pump: $300 - $400 + $50 with added smart thermostat
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

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are intended to encourage more people to make the switch to renewable energy. Different kinds of incentives, like discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be offered by the South Carolina government, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:

  • Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
  • Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when you calculate the amount of property tax you need to pay.
  • Net Metering: Be sure to talk with your Gaffney utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.
  • Rebates: Solar rebates might be provided by your local utility company, or by your county or state. These rebates work as cash back that is applied after you purchase solar panels and before tax credits are calculated.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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 heard of. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of your solar system's cost.

The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, equipment, accessories and labor – although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.

To best understand how the ITC could apply to your situation, call your local Gaffney solar panel installer and request more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. This new credit will then decrease annually until the date of expiration. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit will apply to you, talk to your local Gaffney solar installers.

State & Local Solar Incentives

There are more than just federal solar incentives; rebates, tax credits and more are often offered at the state and local level. These incentives may be provided by your county or municipality, or by the South Carolina government. Some incentives may be available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Gaffney

The variety of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You might qualify for solar incentives from your local utility company, the South Carolina government or the federal government. We suggest talking to your local Gaffney solar installer for more information about these incentives and to be sure that you're getting the largest number possible for your solar system.

EcoWatch's Gaffney, SC Solar Incentives FAQs

Who installs solar panel systems near me?

To learn about the best solar panel installation companies near you, read our article on Gaffney's top solar panel companies.

What are some of the environmental benefits of switching to solar energy?

You can reduce your carbon footprint by 300 pounds of CO2 a year when you switch to solar panels. This adds up to around 6,000 pounds over 20 years. Solar is also a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.

If I change out my appliances for ones that use solar energy, are there any credits that I can claim?

The new Inflation Reduction Act creates a number of new financial incentives for making eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.

What if I want to add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?

Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences will fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to best understand what incentives will apply to your specific situation.

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.

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