2023 Solar Incentives Guide for Greer, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greer.
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.
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Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Greer?
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 mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more Americans to convert their home partially or fully to renewable energy. Solar incentives might include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the state of South Carolina and some by your utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Your solar panels might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when you are calculating property taxes on your home.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (This is different from a tax deduction.)
- Rebates: Solar rebates can be offered by your local utility company, or by your county or state. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
- Net Metering: Make sure you talk to your Greer utility company about signing a net metering contract. This allows you to receive credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
Federal Solar Incentives
Federal solar incentives are likely the first thing that you think of when you think about solar incentives. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a given percentage of the cost of your solar system.
The ITC can be applied to the total cost of installing a solar system, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
To better understand how the ITC may apply to your situation, contact your local Greer solar panel installation expert and request more information.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. The Clean Energy Credit is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. This amount will decrease slightly each year until the current program ends. Starting in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit might apply to you, reach out to your local Greer solar installation company.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these may include tax credits, rebates and more. Some incentives are ongoing, while others might only be available for a limited time. Incentives might be given by the South Carolina government, or by your county or municipality.
Next Steps for Installing Solar in Greer
There are many kinds of solar incentives: those offered by local utility companies, those offered by the South Carolina government and those offered by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, thanks to these incentives. We suggest talking to your local Greer solar installer to learn more about these incentives and to ensure that you're getting all of the money you can for your solar system.
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
EcoWatch's Greer, SC Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your solar system, or any local Greer solar installer, can help you understand what incentives you qualify for.
How much will solar panels save me on my electric bill in Greer annually?
Generally, homeowners in Greer who install solar panels save about $1,119.91 per year, or about $21,278.23 over 20 years after making the switch.
Who installs solar panels near me?
To find the right solar panel installer for you, check out our guide to Greer's top solar panel companies.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now named the Clean Energy Credit, is scheduled to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in might vary depending on which incentives you are claiming but in most cases yes, you can claim multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to be sure you are claiming all of the incentives you qualify for and applying them in the correct order.
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.