FEDERAL & STATE SOLAR TAX CREDITS
HOW TO GET SOLAR TAX CREDITS
We see it. Electricity costs continue to rise. We feel the pain. Families across the U.S. are searching for savings options. And rightfully so. Installing solar panels for your home is a fantastic way to save. Learn more about the benefits of Federal Solar Tax Credits and State Solar Tax Credits.
FEDERAL SOLAR TAX CREDITS
Currently, there are the U.S. Solar Tax Credits available to you to reduce the cost of your Home Solar Energy System. Taxpayers can claim a credit up to 30% of qualified expenditures for a Solar Energy System for their home that is located in the United States and that is owned & used as their residence. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year.
STATE SOLAR TAX CREDITS
Many states have additional State Solar Tax Credits. Currently, South Carolina, taxpayers may claim a credit of 25% of the costs of purchasing and installing a Solar Energy System. The maximum credit a taxpayer may take in any one tax year is $3,500 for each facility or 50% of the taxpayer's tax liability for that taxable year, whichever is less. Unused credit, or credit that exceeds the annual cap, may be carried forward for 10 years. Since we are a Solar Company and not a tax professional, we also advise you to verify your savings with an appropriate tax representative.