2023 Solar Incentives Guide for Newberry, SC - Tax Credits & Rebates

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

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

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 04, 2023

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 Newberry?

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

Renewable Energy and Energy Storage Property Tax Exemption

Incentive Type:
Property Tax Incentive
100% exemption

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 (Corporate)

Incentive Type:
Corporate Tax Credit
25% of eligible costs

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

Incentive Type:
Personal Tax Credit
25% of eligible costs

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/


The term "solar incentives" covers a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives can include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are handled federally, while others are provided by the state of South Carolina or your utility company, county or municipality. Some solar incentives you might qualify for are:

  • Rebates: Solar rebates may be offered by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
  • Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
  • Net Metering: Net metering factors in once your solar panels are up and running. If you've signed a net metering agreement with your Newberry utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in others you may make back a percentage of the value.
  • Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, which is 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 house.

Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some knowledge of. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.

The ITC initially applied to 30% of the total cost of installing a solar system, and has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC can be applied to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.

To know exactly how much the ITC could save you, contact your local Newberry solar panel installation expert.

The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners are now eligible for a credit of 30% of the total solar system installation costs for projects started after January 1, 2022 and completed before the end of 2032. The percentage will then decrease yearly until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to get credits for energy storage systems under this new program.

Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit applies to you, speak with your local Newberry solar installation company.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Newberry

The variety of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You can get solar incentives from your local utility company, the South Carolina government or the federal government. If you're ready to switch over to solar energy, getting in touch with your local Newberry solar panel installation expert is a great first step.

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

EcoWatch's Newberry, SC Solar Incentives FAQs

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

Many solar incentives apply to a property located within the United States that you own, and most secondary residences fall into this category. 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 better understand what incentives may apply to your specific situation.

My home already has solar panels installed. Are there any incentives that I qualify for?

You should plan to talk to the company that installed your solar panels — or reach out to a local Newberry solar installer — to clarify which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

How much can I save annually on my electric bill if I add solar panels to my Newberry home?

Generally, Newberry homeowners who install solar panels save approximately $1,191.36 per year, or approximately $22,635.92 over 20 years after making the switch.

When does the federal solar tax credit end?

The Clean Energy Credit (previously called the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

Can I use both solar and another type of renewable energy to power my home?

You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you go over your plan with your local Newberry solar installer. They can help you plan your project and give you an understanding of various incentives that you will or won't 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.

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