Solar Panels in Greenwood, South Carolina
Introduction
Solar energy’s popularity has significantly risen these past four years with new advancements in technology that are helping South Carolina homeowners save more money, with these new innovative panels on the market homeowners are on the lookout for more benefits for going solar. Homeowners/business owners are delighted to find that there are many tax credits available to help them gain more for going solar.
Understanding Solar Energy
Solar energy is an innovative way to generate power for your home or business in Greenwood, South carolina. Solar energy has the ability to power homes and businesses by utilizing solar energy to energize photovoltaic cells in the panels. This energy creates electrical charges that cause electricity to flow.
Solar panels also have environmental benefits such as improving air quality, reducing water use from energy production. Solar panels also reduce the reliance of carbon dioxide and have a significant role in reducing greenhouse gasses, which is critical to the protection of humans and wildlife.
Tax Professional doing Research on Tax Incentives for solar in South Carolina
South Carolina Tax Credit Explained
South Carolina ranks 16th in the country for installed solar and has a bright future ahead. In south carolina we have different incentives made available for many homeowners and business owners who are thinking of making the leap to solar, those benefits are:
- Federal Tax Credit
- State Solar Incentives
- Local Solar Incentives
- Net Metering
- Estimated Solar Savings
The Federal Tax Credit
The federal tax credit allows homeowners to claim 30% of the total cost of the solar system on their annual income tax return to reduce the taxes homeowners may owe. This is thanks to the passing of the energy policy act of 2005. This tax credit is available to any U.S. Homeowners as long as they own the panels and not leasing them. For example, if you install panels on your home worth $50,000, the percentage you’ll owe 30% ($15,000) less in your taxes
South Carolina State Incentives
South Carolina currently has a solar tax credit incentive worth 25% for purchased home solar systems in South Carolina with a maximum of $3,500 state reduction. This credit allows South Carolina State Residents to stack their 25% incentive on top of the federal tax credit, a total of 55% return on taxes!
In addition to the bif tax incentives, South Carolina also offers a solar property tax exemption, meaning the value of your home will increase but you won’t be taxed on the increased value.
Local Solar Incentives and Net Metering in Greenwood, South Carolina
There is also the ‘Santee Cooper Utility Rate’ incentive which is by South Carolina’s public utility company. This is a great incentive because they will give you back .95 cents per watt of installed capacity. So if you have a 5,000 watt system you’ll get a rebate of $4,750. If you connect your solar panel system to the grid, you can earn credits for extra solar energy that you feed to the grid. South Carolina does allow you to do this but it can get a bit tricky!
Estimated Solar Savings in Greenwood, South Carolina
When it comes to solar savings most of the time it’ll really depend on the amount of energy you’re already using and how much you’re spending on traditional energy. When it comes to paying for the system in cash most people see up to $31,274 over 20 years on electricity costs.
For homeowners who finance their systems it really comes down to your usage, typically most homeowners are seeing savings of up to $350 a month!
Going Solar in Greenwood, South Carolina
Lakelands Power is a top name in Greenwood when it comes to solar energy. We’re all about making solar power easy and affordable for everyone. Whether it’s a house or a business, they’ve got the tools and the know-how to get you set up with clean energy from the sun.
Services Offered by Lakelands Power
Solar for Homes: Get your home powered up with the sun.
Solar Pergolas: Combine style and energy efficiency in your backyard.
Solar for Businesses: Help your business save money and go green.
Solar Carports: Perfect for EV’s
Call Warren today!
Warren Turner Owner of Lakelands Power
Choosing Lakelands Power means choosing a smooth transition to solar power, backed by a team ready to tackle any challenge and turn it into an opportunity for savings and sustainability. Going solar in Greenwood, South Carolina is a great choice especially if you’re looking to save money contact Warren today for a free quote!