Solar Energy Tax Credits

Section 12-6-3775 of the South Carolina Income Tax Act states that taxpayers can receive an income credit equal to 25% of the costs associated with solar energy property based on certain stipulations. “Solar energy property” is defined as nonresidential solar energy equipment with at least 1,900 kW-AC in nameplate capacity that serves certain purposes, including industrial process heat. Thermal storage systems can also be included under this definition. Credit for each solar energy property may not exceed five million dollars.