2024 Solar Incentives Guide for Moncks Corner, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Moncks Corner.
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 Moncks Corner?
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)
Berkeley Electric Cooperative - Energy Efficiency Rebate Program
Dual Fuel System: $500/home
Water Heater: $200 - $400
Berkeley Electric Cooperative - Energy Efficiency Loan Programs
Energy Advance: $20,000
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. Financial incentives like these are intended to encourage more Americans to switch their home over to renewable energy. Various types of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be handled by the state of South Carolina, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:
- Rebates: Solar rebates can be provided by your state or county, or by your local utility company. These rebates work as partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
- Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when paying property tax on your home.
- Net Metering: Make sure you speak with your Moncks Corner utility company about signing a net metering agreement. This allows you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. You might receive either a dollar-for-dollar credit or a percentage of the value.
Best National Provider
SunPower
- 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
- 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
When you think about solar incentives, you likely think of federal incentives first. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. This credit can be claimed on a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
Have questions about how the ITC applies to your specific situation? Contact your local Moncks Corner solar panel installer to get more information.
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 runs until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit. The amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit applies to you is to reach out to your local Moncks Corner solar panel installation expert with your questions.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. As with federal incentives, these might include tax credits, rebates and more. These incentives might be offered by your county or municipality, or by the South Carolina government. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Moncks Corner
There are a variety of solar incentives: those offered by local utility companies, those offered by the federal government and those provided by the South Carolina government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially thanks to these incentives. Reaching out to your local Moncks Corner solar panel installation expert is the right first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Moncks Corner, SC Solar Incentives FAQs
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by changing where you get your energy, you can help lessen the strain on our planet's resources. You can also reduce your home's CO2 emissions by 100 pounds annually, or around 1,000 pounds in 20 years.
How long until the federal solar tax credit ends?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
If I change out my appliances for ones that can utilize solar energy, are there any credits I can claim?
Under the new Inflation Reduction Act, there are several new financial incentives to encourage you to make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. Be sure to discuss the details of your plan with your local Moncks Corner solar panel installer, to make sure you know what you'll need and what incentives 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.