SOLAR REBATE & TAX CREDIT
UNDERSTAND HOW GOVERNMENT AND UTILITY SUPPORT GREEN ENERGY
Rebate from electric utility company
Some electric utilities offer rebates for installing residential or commercial solar system.
Example: Incentive rebate from Duke Energy around $1 per 1kW of installed solar generating capacity of your total solar system cost if installed solar system up to 20 kW (residential) and up to 1MW (commercial); Duke Energy rebate is onetime, taxable payment after you PV system has passed Duke Energy inspection and energized.
To learn more about utility rebates contact our office.
Example: Incentive rebate from Duke Energy around $1 per 1kW of installed solar generating capacity of your total solar system cost if installed solar system up to 20 kW (residential) and up to 1MW (commercial); Duke Energy rebate is onetime, taxable payment after you PV system has passed Duke Energy inspection and energized.
To learn more about utility rebates contact our office.
Federal tax credit
The Investment Tax Credit (known as ITC) is a 30 percent federal tax credit for solar systems on residential and commercial properties.
Your 30% federal tax credit will be calculated from the cost after any applicable rebates. The federal tax credit can be claimed during tax period and can be carried forward to the next years.
The ITC has been extended at 30 percent through 2019 and then drop to 26% in 2020, 22% in 2021, and 10% thereafter.
Your 30% federal tax credit will be calculated from the cost after any applicable rebates. The federal tax credit can be claimed during tax period and can be carried forward to the next years.
The ITC has been extended at 30 percent through 2019 and then drop to 26% in 2020, 22% in 2021, and 10% thereafter.
State tax credit (South Carolina)
South Carolina offers its taxpayers a credit of 25 percent of eligible costs with a maximum of $3,500, or 50 percent of their tax liability, or whichever is less on their annual taxes for installing a solar system. Credits that exceed the annual cap of $3,500, or go unused, can be carried forward for 10 years.
Consult with your accountant about procedure of claiming federal and state tax credits.
Federal tax credit and Duke Energy rebate instructions are available on ES Solar website.
Federal tax credit and Duke Energy rebate instructions are available on ES Solar website.
