2023 Solar Incentives Guide for Bedford Heights, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Bedford Heights.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Bedford Heights?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Federal Residential Renewable Energy Tax Credit
Solar incentives mitigate the cost of installing solar panels on your home. This category of financial incentives is designed to encourage more people to make the switch to renewable energy. Different types of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be provided via the Ohio government, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:
- Rebates: Rebates, or cash back after a purchase, are usually given prior to any solar tax credits being calculated. Solar rebates might be given by your local utility company, by your county or by your state.
- Tax Exemptions: Tax exemptions can come in two forms. The first is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when paying property tax on your home.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Net Metering: Make sure you speak with your Bedford Heights utility company about signing a net metering agreement. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Solar Renewable Energy Certificate (SREC): Typically, solar systems that produce over a specific (normally small) amount of electricity can qualify for SRECs or similar performance-based incentives. SRECs and the like are typically given by your state government. You can sell SRECs to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of your solar system's cost.
The ITC applies towards solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can apply towards solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
To better understand exactly how much money the ITC could save you, speak with your local Bedford Heights solar panel installation expert.
In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners may be eligible for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Bedford Heights solar panel company can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Like with federal incentives, these might include rebates, tax credits and more. Incentives might be offered by your county or municipality, or by the state of Ohio. Some incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Bedford Heights
Solar energy use nationwide has significantly increased in the last 15 years, in part due to the increase in availability of solar incentives. You may get these incentives from your local utility company, the federal government or the Ohio government. Reach out to your local solar panel installer today to learn more and to save the most money possible on solar panels for your Bedford Heights home.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Bedford Heights, OH Solar Incentives FAQs
Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to fully understand what incentives apply to your specific situation.
How much can I save annually on my electric bill if I install solar panels on my Bedford Heights home?
Generally, Bedford Heights homeowners who install solar panels save around $729.15 per year, or around $13,853.79 over 20 years after they make the switch.
What are some of the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you help lessen the strain on our planet's resources. You can also lower your home's CO2 emissions by 400 pounds annually, or around 8,000 pounds over 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I use a combination of solar and another type of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Be sure to discuss your plan with your local Bedford Heights solar installer. They can help you with the plan for your project and also help you understand the various incentives that you may or may not qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.