Embrace the Sun: Ohio’s Solar Incentives Make Going Solar a Bright Choice
Ohio may rank 20th for residential and 23rd for commercial electricity rates, but with an average of 71.92% sunny days per year, the Buckeye State has ample sunshine to power your solar panels. As renewable energy becomes increasingly vital, Ohio property owners can reduce electricity costs and shrink their carbon footprint by taking advantage of excellent solar incentives and rebates from the federal government. Even better, solar panel prices have plummeted by 80% over the past decade.
Curious about how to cash in on Ohio’s solar incentives? Read on to discover the glowing benefits!
Ohio’s Radiant Solar Incentives, Rebates, and Perks
Ohio Renewable Portfolio Standards (RPS)
Ohio mandates that 8.5% of the state’s energy must come from renewable sources by 2026 through its Renewable Portfolio Standards. Utility companies face fees for non-compliance, incentivizing them to offer solar rebates so customers install solar instead.
Ohio Solar Carve-Out
The Alternative Energy Portfolio Standard requires a small 0.5% of renewable energy to come from solar by 2026. This “solar carve-out” promotes distributed solar technologies.
Net Metering in Ohio
By connecting solar panels to the grid, the Public Utilities Commission requires utilities and co-ops to credit you for the excess energy you produce through net metering.
Ohio’s Interconnection Standards
Well-designed state interconnection rules make installing solar and connecting to the grid easier and more affordable, enhancing net metering reliability.
Performance-Based Solar Incentives
Ohio pays you for the actual electricity your solar system generates through Solar Power Performance Payments based on kilowatt-hours produced. Generating Solar Renewable Energy Credits (SRECs) is another way to recoup your investment.
Property Tax Exemptions
While this incentive doesn’t apply statewide for residential solar, installing panels in Cleveland and Cincinnati ensures your home value won’t be reassessed. Commercial properties statewide are exempt from higher property taxes after going solar.
No Sales Tax on Solar
Ohio homeowners and businesses can save 5.75% right away by avoiding sales tax on solar installations.
PACE Financing in Ohio
The Property-Assessed Clean Energy program provides funding for energy-saving upgrades like solar, making the transition more affordable.
ECO-Link Reduces Solar Costs
The Energy Conservation for Ohioans program, known as ECO-Link, offers sponsored interest rate reductions to cut the upfront price of going solar.
Plus a 26% Federal Tax Credit!
The federal Investment Tax Credit allows you to deduct 26% of the total system cost from your taxes when you purchase solar panels with cash or a loan.
With such an array of incentives, embracing solar power in Ohio has never looked brighter. Explore your options and start saving today!
