2023 Solar Incentives Guide for Bellevue, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Bellevue.
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 May 04, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Bellevue?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Firelands Electric Cooperative - Residential Energy Efficiency Rebate Program
Dishwasher/Clothes Washer: $50
Water Heaters: $150-$300
Water Heater Replacement: $150
RCS Load Management Device: $50
Geothermal System: $700-$800
Heat Pump: $400-$500
Dual Fuel Geothermal or Heat Pump System: $200-$300
Ductless/Mini-Split Heat Pump: $300
PeakBuster Air Conditioning Incentive: $100
Air Sealing: $400 or 50% of project cost (whichever is lower)
Insulation: $800 or 50% of project cost (whichever is lower)
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. These financial incentives are designed to encourage more Americans to switch to renewable energy. These incentives might include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the Ohio government and some by your utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when you calculate the amount of property tax you need to pay.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the government. These differ from tax deductions.
- Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for cash that normally counts as part of your taxable income. In most cases, a certain (small) threshold of energy production must be met before your solar system can earn SRECs or other performance-based incentives. Incentives like these are typically handled by your state government.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement with your Bellevue utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
- Rebates: A rebate is a partial refund given after you've purchased your solar system. These could be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a specified percentage of the money you spend on your solar system.
The ITC is applied to the total cost of solar system installation, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum amount you can claim.
Your local Bellevue solar panel installation expert can provide more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit; the amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. Your local Bellevue solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more may be offered at the local or state level. Incentives might be provided by your county or municipality, or by the state of Ohio. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Bellevue
There are many types of solar incentives: those given by local utility companies, those given by the Ohio government and those given by the federal government, to name a few. Solar energy utilization has increased tremendously in the last 15 years, partially thanks to these incentives. Your local Bellevue solar panel installation company can help you learn more about which incentives you might qualify for, and get you on track to switch to renewable energy today.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Bellevue, OH Solar Incentives FAQs
What if I want to add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many incentives will apply to a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.
How much can I save annually on my electric bill if I add solar panels to my house in Bellevue?
On average, homeowners in Bellevue who install solar panels save around $855.07 per year, or around $16,246.26 over 20 years after they make the switch.
What are some of the environmental benefits of switching to solar?
You can lower your carbon footprint by 450 pounds of CO2 a year when you install solar panels. This adds up to around 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly called the federal solar tax credit, or ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
If I switch my appliances out for ones that can use solar energy, are there benefits I can claim?
Under the new Inflation Reduction Act, there are a variety of new financial incentives to encourage you to make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
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.