Generous Solar Tax Credits in South Carolina
Donald Redman, President of US Energy Solutions, says there has never been a better time, financially, for consumers in South Carolina to turn to solar energy. The Federal Solar Investment Tax Credit allows homeowners and businesses to receive a dollar-for-dollar credit on their tax liability equaling 30 percent of the installed cost from their federal taxes, and South Carolina’s Solar Energy Tax Credit lets residents claim a state tax credit of 25 percent of the entire installed cost of a Solar Photovoltaic (PV) system.
The cost of a solar energy system for a home using 5-6 kilowatts is approximately $20,000. Current federal and state tax credits can drop that cost by 50 percent or more. The largest credit that can be applied in the Palmetto state in a single year is $3500 or 50 percent of your state tax liability, whichever is less. Taxpayers can take the amount directly off their tax payment, rather than as a deduction from taxable income. As an added incentive you can claim the credit for your primary residence, vacation home, and for either an existing structure or new construction. Credits not used may be carried forward for ten years.
The best approach for a homeowner considering converting to solar energy is to have an energy audit performed, which can pinpoint areas where energy is being wasted. Energy consumption can be reduced in a variety of ways, ranging from replacing old heating systems with high efficiency HVAC and hybrid hot water systems, to installing LED lighting, solar attic fans, energy saving appliances and more. These actions can reduce the cost of the solar system required to power a home.
With over a million solar systems operating in the U.S. and a new one added every 84 seconds, Redman sees solar energy becoming even more affordable as new technologies bring improved energy performance and costs are reduced. One innovation growing in popularity is the Standby Power System, which stores excess solar energy generated during the day. Using an emergency storage battery back-up system (UPS), a home has power whenever needed and regardless of what is happening with the power grid: blackouts caused by storms, brownouts, and other reasons for utility company electrical outages. 4kw and 8kw systems are available, ranging in price from $10,000-$18,000. A 10kW using an LG Wallpack Battery and special inverters and components can cost in the $15,000 range, turn-key.
In addition to providing solar energy systems and other high-energy efficient products, US Energy Solutions is well established as a leading green-energy resource in the Upstate. They offer free energy audits to homeowners and provide free green-energy workshops to educate the public on the benefits of solar power.
US Energy Solutions is located at 3146 Wade Hampton Blvd, Taylors. For more information contact US Energy Solutions at 864-729-4707 or visit WhyGreenEnergy.com.