2023 Solar Incentives Guide for Northlake, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Northlake.
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 Northlake solar installers to see how much you can save.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Northlake?
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
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
One heat pump up to $8,000
Federal Residential Renewable Energy Tax Credit
Solar incentives are intended to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. You may qualify for several kinds of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the South Carolina government and others from the federal government. Some solar incentives you might qualify for are:
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Rebates: Solar rebates may 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.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the value that your solar panels add when you're calculating how much property tax you need to pay on your house.
- Net Metering: You can sign a net metering agreement with your Northlake utility company that will apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your monthly utility bill.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some knowledge of. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC provides you with a tax credit for a set percentage of the cost of your solar system.
The ITC can be applied to the total cost of installing solar panels, including the panels themselves as well as accessories, equipment and labor. 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. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Speaking with your local Northlake solar panel installation expert is the best way to learn more about how the ITC applies to you.
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. Under the new program, solar installation projects that are completed between 2022 and 2032 may be eligible for a 30% tax credit. This credit amount will then decrease slightly each year until the current Clean Energy Credit expires in 2035. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Northlake solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more can be offered at a more local level. Certain incentives are offered for only a limited time, while others are ongoing. Local solar incentives might come from your county or municipality, or from the South Carolina government.
Next Steps for Installing Solar in Northlake
You can apply for and receive solar incentives from the South Carolina government and the federal government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. Speak with your local solar panel installer today to find out more information and to save the most money possible on solar panels for your Northlake 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 Northlake, SC Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?
While we recommend talking to your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many incentives can be claimed on a second home, so long as that home is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the details.
How do I know if I qualify for different solar incentives?
It's a good idea to talk to your local Northlake solar installer to get an understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, like those provided by the South Carolina government, may have other requirements.
How much can I save on my electric bill annually if I add solar panels to my Northlake home?
Generally, Northlake homeowners who install solar panels save about $1,160.66 per year, or about $22,052.49 over 20 years after they make the switch.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or the 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.
Can I use a combination of multiple types 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 discuss your ideas with your local Northlake solar installer. They can help you plan your project and educate you on the various incentives that you may or may 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.