Federal Incentives & Rebates
The federal ITC is available to business, homeowners, and non-profits (as of 2022) in all fifty states. Originally set at 30% years ago, it has been reduced and increased over time. Currently this incentive is back up to 30% (for many solar energy projects) thanks to the Inflation Reduction Act of 2022. In addition to returning to 30%, more opportunities were made available to increase the ITC amount even further under certain circumstances. Learn more on the Database of State Incentives for Renewables & Efficiency (DSIRE) and from the Solar Energies Industry Association (SEIA).
The federal ITC may be used to reduce the cost of the installation of your solar energy system and any energy storage (batteries) that are also installed.
Business owners in all states can recover their solar investment costs through depreciation deductions. Solar electric systems are classified as five-year property under the MACRS. Click here to learn more at DSIRE.
South Carolina
Business and homeowners in South Carolina can qualify for a tax credit of 25% of the total system cost. Tax credits, if unused, can roll forward for a total of 10 years. The SC tax credit is in addition to the federal tax credit. With a total sum of 55% in tax credits, SC is rapidly increasing its solar energy capacity. Learn more from South Carolina's Energy Office.
USDA REAP Grants & Loans
Agriculture - Eligible for USDA loans and grants no matter their location
Rural Businesses - Eligible for USDA loans and grants if located within a rural USDA area.
Loan and Grant Amounts - REAP loans are available for $5,000 up to $25 million. REAP grants are available for $2,500 to a maximum of $500,000. .
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