What Are the Solar Energy Tax Credits?

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Solar power is popping up everywhere in the Greenville area.  From small solar farms to rooftops, homeowners in the upstate are making the switch to solar energy in large to reap the financial rewards.  The cost for a solar installation is at an all-time low and currently there are income tax credits offered by both the federal government and the state of South Carolina.

What Are the Federal Solar Tax Credits and How Could They Benefit You?

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To start, the federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 30 percent of the cost of installing a solar energy system from your federal taxes. This tax credit is not only for homeowners but business owners as well, and there is no cap on its value.

According to energy.gov, “If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year.”  This tax credit will step down starting January 1, 2020. The form to file for the federal solar credit can be found here.

Here is a breakdown of the projected step down:

30% federal tax credit for systems placed in service by 12/31/2019.

26% federal tax credit for systems placed in service in the year 2020.

22% federal tax credit for systems placed in service in the year 2021.

 

What Are the South Carolina Tax Credits?

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Next, if you are lucky enough to live in South Carolina, you will enjoy the benefit of a further tax incentive.  South Carolinas is currently offering a 25 percent solar tax credit.  This tax incentive does have a few limitations though.   The form to file the South Carolina tax credit can be found here.

The limitations include:

Value is capped off at $35,000.

Max of $3500/year or 50% of your state tax liability, whichever is less.

Max of 10 years.

Just as in the federal, if you do not use all the credit in the first year, the credit may be carried forward. The federal may be carried an unlimited amount of years, but the South Carolina tax incentive is limited to 10 years to carry over.

Now is the Best Time to Switch to Solar!

The solar tax incentives will not be around forever.  In fact, there are people currently fighting against the South Carolina solar tax credit, which means that we might lose this incentive in the near future.  As noted before, the federal solar tax credit will be lowered in 2020, which makes the decision to switch to solar time sensitive if you would like to reap all the current tax incentives.

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With the current federal and South Carolina solar tax credits and the decrease in price for solar installations, right now is the best time to switch to solar in South Carolina.  If you would like to have your home evaluated for its solar potential and to see which tax credits you qualify for, please fill out the form below.

 

 

Request a Site Visit

 

 

 

How to Choose the Right Solar Power Company in South Carolina

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You Are Ready for Solar, but Now What Do You Do?

Now that you have made the choice for energy independence, you now have the daunting task of selecting the solar power provider that is suitable for you. Here are five tips to help you find the best installation company:

IMG_4169Ask Around

When you are researching for the perfect solar provider, a key factor to consider is, reputation.  Reputation of the company and its contractors speaks volumes to how they treat their clients and their expectations.  When choosing the company, look for reviews on social media sites like Facebook and Google Maps.  If you know anyone personally who has had their own solar panels installed by a company, ask them for their personal testimony.  Their feedback may be very beneficial making your final verdict.   

Ask About Their Experience

You want to ask yourself a few questions prior to signing a contract.  You want to know if this is a new company.  You want to know if they have years of experience in this field that reflects in their quality of work.  If you are not sure, do not be afraid to question them on how long they have been in business and to see their portfolio.  It is okay to inquire how many projects they have worked through completion.  Ideally, you want to hire a company with an exemplary track record of quality of work and customer service.

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Ask Who Will Do the Install

Will the solar provider handle all tasks, from start to finish?  Confirm with the provider and ask them if they will be managing everything.  Specifically, enquire with them, will they be installing your system or if they will be subcontracting the installation through another company?

Further questions to ask yourself are, does this provider hold a General Contractor’s License?  Will they be able to build what is required to make your solar installation visually appealing and technically functional? If these are questions you are unsure of, feel free to request a copy of their license.  Do not accept no for an answer, it is within your rights to ask them to see their license.

Is the Company a Local Solar Provider?

There are many solar energy companies in South Carolina right now and it is usually better to work with a local company.  A local company will be there for you after the solar power boom and will better understand South Carolina tax credits and the local power companies like Duke, Blue Ridge and Easley Combined just to name a few.

Do not feel intimated; choosing a solar energy provider should not be scary. A reputable provider should make you feel comfortable and at ease.  After considering their reputation, experience, whether they provide a turnkey solar energy system, if they hold a general contractor’s license and if they are local, you will be ready to choose the solar energy provider that is perfect for your solar energy needs.

 

man in red crew neck sweatshirt photography
Photo by bruce mars on Pexels.com

 

Let’s Get Started!

There has never been a better time to go solar in South Carolina and with the federal and state tax credits, solar is now more affordable than ever and much better for the environment.  With ever increasing power bills, solar power makes economic sense for South Carolinians to make the switch and reap the financial rewards.

 

 

Request a Site Visit

 

 

 

 

Solar Power: Is it Something You Should Consider in South Carolina?

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With ever increasing power bills, it is no surprise that many homeowners are deciding to switch over to solar power.  All over the country, solar is steadily growing, but in South Carolina, solar is booming.  Here are the top reasons why solar is a great choice for South Carolina residents:

Federal Solar Tax Credit

The federal solar tax credit, also known as the investment tax credit (ITC), lets you deduct 30 percent of the cost of your solar power system. The federal tax credit applies to both commercial and residential systems. The federal tax credit can be used all at once or it can be used indefinitely until you are able to use all of the tax credit and there is no cap on its value.

 

South Carolina State Tax Credit

South Carolina is currently offering residents a 25% tax credit for switching to solar energy.  This tax credit is capped at $3500 a year for 10 years at a maximum credit of $35,000.  This would mean that the same $25,000 solar power system would qualify for a $6,250 credit towards SC state income taxes.  This tax credit makes solar a little more affordable for residents.

 

Net-Metering

Most of South Carolina’s largest utility companies such as Duke, SCE&G, and Blue Ridge Cooperative are participating in net-metering.  According to Energy.SC.gov, “net metering employs a standard electrical meter to record the flow of energy back and forth between a customer-generator and the utility’s power grid. Net metering is usually created as an incentive for homeowners and small businesses to invest in renewable power systems.”  With net-metering, batteries are no longer necessary and this reduces the cost for the homeowner significantly.

Solar is More Affordable Than Ever

With utility rates in South Carolina reaching up to 15 cents a kilowatt hour, creating your own energy now costs less than buying from your local utility.  SCE&G is currently the highest at 15 cents and Blue Ridge is right behind at over 13 cents, depending on the consumer.  After purchasing your solar power system with cash and applying your tax credits, you could expect to pay less than half per kilowatt hour, which is a significant savings.  Of course, every home and homeowner is different and a proper analysis of your home would be needed to calculate your specific savings.

Plenty of Sunshine

South Carolina is one of the fortunate states that’s climate produces an abundant amount of sunshine. The upstate receives about 121 clear days annually, which produces thousands of usable solar power hours each year.  This amount of sunshine also reduces the size of the solar energy system needed for the homeowner to power their home each year.

From federal tax credits, South Carolina state tax credits, net-metering with the major power companies, low cost per kWh and maximum sun exposure, South Carolina is an ideal place to switch to solar energy.

Let’s Get Started!

There has never been a better time to go solar in South Carolina and with the Federal and South Carolina State tax credits, solar is now more affordable than ever and much better for the environment.  With ever increasing power bills, solar power makes economic sense for South Carolinians to make the switch and reap the financial rewards.

Request a Site Visit

 

 

 

 

 

How to Choose the Right Solar Power Company in South Carolina

Ingenuity MarketingLeave a comment

You Are Ready for Solar, but Now What Do You Do?

Now that you have made the choice to energy independence, you now have the daunting task of selecting the solar power provider that is suitable for you. Here are five tips to help you find the best installation company:

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Photo by Carl Attard on Pexels.com

Ask Around

When you are researching for the perfect solar provider, a key factor to consider is, reputation.  Reputation of the company and its contractors speaks volumes to how they treat their clients and their expectations.  When choosing the company, look for reviews on social media sites like Facebook and Google Maps.  If you know anyone personally who has had their own solar panels installed by a particular company, ask them for their personal testimony.  Their feedback may be very beneficial making your final verdict.  It’s also a good idea to check with the Better Business Bureau rating and background.

 

Ask About Their Experience

You want to ask yourself a few questions prior to signing a contract.  You want to know if this is a new company.  You want to know if they have years of experience in this field that  reflects in their quality of work.  If you are not sure, do not be afraid to question them on how long they have been in business and to see their portfolio.  It is okay to inquire how many projects they have worked through completion.  Ideally, you want to hire a company with an exemplary track record of quality of work and customer service.

adult architect blueprint business
Photo by Pixabay on Pexels.com

Ask Who Will Do the Install

Will the solar provider handle all tasks, from start to finish?  Confirm with the provider and ask them if they will be managing everything.  Specifically, enquire with them, will they be installing your system or if they will be subcontracting the installation through another company?

Further questions to ask yourself are, does this provider hold a General Contractor’s License?  Will they be able to build what is required to make your solar installation visually appealing and technically functional? If these are questions you are unsure of, feel free to request a copy of their license.  Do not accept no for an answer, it is within your rights to ask them to see their license.

Is the Company a Local Solar Provider?

There are many solar energy companies in South Carolina right now and it is usually better to work with a local company.  A local company will be there for you after the solar power boom and will better understand South Carolina tax credits and the local power companies like Duke, Blue Ridge and Easley Combined just to name a few.

Do not feel intimated; choosing a solar energy provider should not be scary. A reputable provider, should make you feel comfortable and at ease.  After considering their reputation, experience, whether they provide a turnkey solar energy system, if they hold a general contractor’s license and if they are local,  you will be ready to choose the solar energy provider that is perfect for your solar energy needs.

man in red crew neck sweatshirt photography
Photo by bruce mars on Pexels.com

Let’s Get Started!

There has never been a better time to go solar in South Carolina and with the Federal and State tax credits, solar is now more affordable than ever and much better for the environment.  With ever increasing power bills, solar power makes economic sense for South Carolinians to make the switch and reap the financial rewards.

Request a Site Visit