Solar panels in Ohio are becoming more popular than ever, and it’s no surprise. They reduce fossil fuel usage, combat greenhouse gas emissions, and create clean energy from the sun. The best part? Financial incentives make going solar in Ohio easier than ever.
Keep reading to learn more.
Solar Panels in Ohio: Tax Credits, Rebates, & Programs
The best solar companies in Ohio will make you aware of any tax credits and rebates available to you. Here are some of the biggest incentives for Cincinnati solar panels available in the state of Ohio.
Federal Tax Credit
This credit is available to all residents of Ohio. It amounts to 26% of the total system cost. For instance, if the total cost is $20,000, you can expect a credit of $5,200. This amount will then be credited to your federal income taxes owed, so it’s not an immediate payback.
State Tax Credits
Ohio is ready and waiting to take you on your solar journey. The state has already committed to producing 12.5% of its electricity from renewable sources by the year 2027.
To achieve this number, Ohio is using SRECs. For each MWh (megawatt-hour) of electricity your panels create, you’ll get one SREC that you will be able to sell. These certificates sold for around $10 in 2021, which means an 8-kilowatt system that created 8 MWh per year could give you an extra $80 per year.
Solar Sales Tax Exemption
This exemption is in place to prevent homeowners from having to pay the state’s 5.75% sales tax on systems and equipment from their Ohio solar company. It makes the process more affordable for homeowners who want to switch from traditional energy to renewable electricity.
Finally, let’s touch base on Ohio’s net metering policy, which allows you to sell energy back to the grid. Panels will often create more energy than your home needs. When this happens, you can exchange your solar Ohio electricity for credits on your utility bill. Then, when you need more energy than your panels create, you can use the credits instead of purchasing them from your utility company.
Energy Conservation for Ohioans (ECO-Link) Program
Local residents will also have access to the ECO-Link Program (Energy Conservation for Ohioans). This makes it easier to finance your new energy system from solar companies in Ohio.
All you have to do is successfully apply for the program, and you’ll enjoy the benefits. This includes up to a 3% interest rate reduction on bank loans for up to 7 years.
Is Solar Energy Right For You?
Ohio’s incentives make the move from traditional electricity to renewable energy so much easier. From lowering your utility bills to allowing you to contribute positively to our wonderful planet, there’s so much to benefit from when you make the switch.
With this information in mind, you now have the knowledge to make an informed shopping decision. If you want to reduce or potentially eliminate your electric bill, get in touch with a top Ohio solar company today!