2023 Solar Incentives Guide for Murrells Inlet, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Murrells Inlet.
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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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Murrells Inlet?
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)
Santee Cooper - Renewable Energy Resource Loans
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" generally refers to financial incentives that are in place to encourage the use of renewable energy by making solar panels more affordable. Incentives may include things like discounts, cash back or monthly utility bill credits. Some incentives are provided by the federal government, while others are offered by the South Carolina government or by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Net Metering: Net metering factors in after your solar panels are up and running. If you have a net metering agreement with your Murrells Inlet utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other places you might receive a refund equivalent to a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Rebates: A rebate is a partial refund given after you've purchased your solar panels. These may be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before calculating tax credits.
- Tax Exemptions: These can come in the form of property tax exemptions, which would allow you to ignore the value of your solar system when paying property tax on your home. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC provides you with a tax credit for a specific percentage of your solar system's cost.
The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006 on a property owned by you for you to claim the credit. The ITC originally paid out 30% of all system costs (panels, equipment, labor and accessories), although the total amount has fluctuated over time 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.
Speaking with your local Murrells Inlet solar panel installer is the best way to understand how the ITC could apply 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). Under the new program, solar installation projects started after January 1, 2022 and completed by the end of 2032 can qualify for a 30% tax credit. The amount of the credit will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to get credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit applies to you, talk to your local Murrells Inlet solar installers.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. As with federal incentives, these can include rebates, tax credits and more. These incentives — which may be provided by the state of South Carolina, or by your county or municipality — might be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Murrells Inlet
Solar incentives may be provided by the federal government, the South Carolina government or your local utility company. The large number of available incentives has helped nationwide use of solar energy increase greatly in the last 15 years. Contact your local solar panel installation expert today to learn more and to save the most money possible on solar panels for your Murrells Inlet home.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Murrells Inlet, SC Solar Incentives FAQs
What if I am planning to add a solar system to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many can be claimed on a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the specifics.
How do I know if I qualify for certain solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on 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, might have additional qualifications. Get in touch with your local Murrells Inlet solar installer to discover what incentives your project will qualify for.
What are some of the environmental benefits of switching to solar energy?
You can reduce your carbon footprint by 350 pounds of CO2 annually when you install solar panels. This adds up to approximately 7,000 pounds in 20 years. Solar is also a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
If I switch my appliances out for ones that can use solar energy, are there any incentives that I can claim?
Under the new Inflation Reduction Act, there are a variety of new financial incentives that are available when you make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
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.