2024 Solar Incentives Guide for Seven Oaks, SC - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Seven Oaks.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Seven Oaks?
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)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives encourage homeowners to switch to renewable energy by providing incentives meant to lower the financial burden of solar panel installation and use. The incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the state of South Carolina and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Net Metering: You may be able to sign a net metering agreement with your Seven Oaks utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
- Rebates: Solar rebates might be offered by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar panels. Property tax exemptions let you exclude the added value of your solar system when you calculate how much property tax you need to pay on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
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
Federal solar incentives are likely the first thing that you think of when thinking about solar incentives. One of the incentives many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specific percentage of the cost of your solar system.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it 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 amount you can claim.
To more fully understand how the ITC may apply to your situation, speak to your local Seven Oaks solar panel installer and request more information.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit for 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. To better understand how the new Clean Energy Credit might apply to you, get in touch with your local Seven Oaks solar installation expert.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more are often offered at the state and local level. These incentives — which might be given by the state of South Carolina, or by your county or municipality — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Seven Oaks
You can qualify for solar incentives from the federal government and the South Carolina government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. It is a good idea to talk to your local Seven Oaks solar installation expert to learn more about these incentives and to ensure that you're getting the largest number possible for your solar panels.
EcoWatch's Seven Oaks, SC Solar Incentives FAQs
How do I know if I qualify for solar incentives?
It's a good idea to talk to your local Seven Oaks solar installer for a better understanding of which incentives your project may qualify for. In most cases, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those provided at the level of the South Carolina government, may have other requirements.
How much will a solar system save me on my electric bill in Seven Oaks annually?
After adding solar panels to your house in Seven Oaks, you can expect to save approximately $1,158.28 per year, or around $23,165.63 over 20 years.
What are the highest-rated solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to Seven Oaks' top solar panel companies.
What are some of the environmental benefits of switching to solar?
You can lower your carbon footprint by 50 pounds of CO2 annually when you switch to solar panels. This adds up to approximately 1,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
What if I am planning to add a solar system to a vacation home, rental property or commercial property? Can I still qualify for incentives?
Many solar incentives are intended to apply to a property located within the United States that you own; most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to best understand what incentives will apply to your specific situation.
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.