South Carolina has decided to offer their own tax credits for those that choose solar which means even more savings for you!
Currently South Carolina is offering a 25% state tax credit that can be claimed on your income taxes for going solar.
The state tax credit is a dollar for dollar reduction on your taxes that equates out to 25% of the base cost of the system. It is up to you to clam this when you file and the extra money you get back is up to you how you would like to spend it. That being said if you decide to reinvest that money into your system you can drastically reduce the principal cost of the system, paying it off quicker, and saving you even more money in the long run.
This tax credit along with the Federal tax credit can potentially pay for almost half of the total cost of your system if you reinvest the money back into your system. This allows you to pay the system off even faster and enjoy the savings even sooner. Imagine being able to go to a car dealership and get a brand new car for half the sticker price that is essentially what you are doing with your solar system with these available credits.
Just like the Federal tax credit this offer will not stay at 25% forever but will instead decrease in the coming years. Have no worries though if you decide to go solar while the credit is still at 25% you are guaranteed that amount until all of the money from this credit has been awarded to you. This means if it takes you multiple years to claim this credit due to the state cap on returns the total amount owed to you that was calculated at 25% will not be recalculated at the lower percentage when it drops.
