South Carolina Solar Energy Credit

Residents of the palmetto state can claim 25 percent of their solar costs as a tax credit and if you don t pay enough in taxes to get the full value of the credit in one year it.

South carolina solar energy credit.

The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. The corresponding code is 038 solar energy or small hydropower system credit. South carolina solar energy tax credit cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy. Solar energy or small hydropower system credit.

Make sure to include this amount and this form with. For installing a solar energy system or small hydropower system in a south carolina facility tc 38. South carolina law encourage s the development and use of indigenous renewable energy resources renewable energy which includes biomass wind solar hydropower geothermal and hydrogen derived from renewable sources can mitigate south carolina s dependence on imported energy and help meet state air quality goals. To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return.

Credits are usually used to offset corporate income tax or individual income tax. South carolina code of laws 12 6 3587 states that a credit may not be allowed for a solar system unless the system is certified for performance by the nonprofit solar rating and certification corporation or a comparable entity endorsed by the state energy office. The largest credit that can be applied in a single year is 3500 or 50 of your state tax liability whichever is less. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies.

Includes a system installed in or on a facility in south carolina owned by the taxpayer. A tax credit is an amount of money that can be used to offset your tax liability. Important to note though is that any unused portion of the total tax credit can be carried. Includes the cost of purchasing a system and installation costs.

The state of south carolina offers a number of tax incentives for energy efficiency and fuel production. The south carolina solar energy tax credit is 25 30 for 2009 of the total cost of the installation. South carolina s solar energy tax credit passed by the state legislature lets residents claim a state tax credit of 25 of the whole installed cost of a solar pv system.