– 26% Federal Tax Credit expires Dec. 31, 2022. Average of ~$5000 per Residence.
– Net Metering, aka Bill credit from the electric utility. No expiration date.
– No sales tax.
– Increased home value. Also, property tax assessment exempt.
– Associated electrical upgrades, e.g. batteries, also qualify for the 26% Federal Tax Credit.
– 26% Federal Tax Credit. Average value ~$5000 per Residence.
– Free power, aka Bill credit from the electric utility. No expiration date.
– No sales tax.
– Increased home value. More good news: Property tax assessment exempt.
– Associated electrical upgrades also qualify for the 26% Federal Tax Credit.
A Winter Solstice surprise!
On Dec. 21, 2020, Congress passed an omnibus spending and COVID relief bill. The bill was thousands of pages long. It included a new schedule for residential and commercial Solar Investment Tax Credits (ITCs).
The 26% Solar ITC is now being offered through the end of 2022. It also applies to storage, aka batteries, included with your solar project. That’s extra good news!
Solar’s Federal Tax Credit was slated to drop to 22% at the end of 2020. Industry advocates and their friends in Congress came to the rescue!
The Palmetto State is a blooming solar market. 🌼
Financial incentives have been a game changer. Many South Carolinians with solar installations get a combined state and federal tax forfeiture of at least 51%1 of the total cost of the purchase of a solar system.
There were 1,160 installations in 2016, 18,000 in 2019 and a forecast of 40,000 before 20242.
Solar at the beach! Ocean adjacent systems may use system components that are more resistant to saline conditions.
But also…Fresh rain cleans your panels!
South Carolina has huge solar potential but has opponents. Can you guess who doesn’t want competition in the energy marketplace?
Recently, a collective of solar-friendly entities was able to successfully lobby on behalf of the state’s utility customers. State Regulators rejected the latest appeal of the private utility companies who want to continue their monopoly on power delivery.
For example Dominion Energy’s attempt to attach financial penalties to their customers that adopted solar was officially and significantly delayed in May 20213.
Sources:
Right now might be the best time to go solar!
Since 2005, the US government has offered a 30% Solar Investment Tax Credit (ITC) for PV installations. This is a credit, versus a deduction, and is set to expire at the end of 2019. Find out ASAP if you and your property qualify for 30% Tax Credit this year.
With 7 years of experience in the WA State marketplace, I can answer questions, supply designs and give relevant feedback. I will be recommending the most trusted installer available. My recommendations put you directly in contact with a local company well suited to your solar electrical ambitions.
Due to the popularity of this expiring 30% incentive, some installers have stockpiled or reserved components. I will be able to facilitate quotes, timelines, and install preferences for you. No better time than the present.
**The Solar ITC is a line item credit on IRS Form 5695. Systems must be placed in service by Dec. 31, 2019. Aim to be on installation calendars soon, ideally before the short and unpredictable December days. Current federal law: If the install is completed after 2019, it will qualify for a 26% ITC in 2020, and finally 22% in 2021.**