2023 Solar Incentives Guide for Marion, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Marion.
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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What Solar Tax Credits, Incentives, and Rebates are Available in Marion?
Duke Energy Progress - Residential Energy Efficiency Rebate Program
Geothermal Heat Pumps: $400 + 50 with smart thermostat
Heat Pump Water Heater: $350
Attic Insulation & Air Sealing: $250
Duct Sealing: $100
Pool Pump: $300
Renewable Energy and Energy Storage Property Tax Exemption
Santee Cooper - Rooftop Solar Rebate Program
Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate)
Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal)
Pee Dee Electric Cooperative - Residential Energy Efficiency Rebate Program
Geothermal Heat Pumps: $200/ton
Electric Water Heaters (50-79 gallons): $200
Electric Water Heaters (80 gallons or more): $250
Pee Dee Electric Cooperative - Energy Resource Conservation Loan Program
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more homeowners to switch to renewable energy. Incentives could include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are offered by the state of South Carolina or by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you've signed a net metering agreement with your Marion utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you might receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when calculating how much property tax you need to pay on your home.
- Rebates: Rebates, or cash back after a purchase, are normally applied before any solar tax credits are calculated. Rebates may be provided by your local utility company, by your state or by your county.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the government. Tax credits differ from tax deductions.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. You might have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to 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 system must 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 system installation costs (panels, equipment, accessories and labor), although the covered amount has fluctuated 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.
Talking to your local Marion solar panel installation expert is the best way to understand how the ITC applies to you.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it 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 this, the percentage will decrease slightly each year until the program expires in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Marion solar panel installation experts can answer any questions you have and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more are often offered at the local or state level. Some incentives are ongoing, while others are available for a limited time. They might be offered by your county or municipality, or by the South Carolina government.
Next Steps for Installing Solar in Marion
The nationwide use of solar energy has gone up tremendously in the past 15 years, in part thanks to the increase in availability of solar incentives. You can obtain these incentives from your local utility company, the South Carolina government or the federal government. Your local Marion solar panel installation company can give you more information about which incentives you should apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Marion, SC Solar Incentives FAQs
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