2024 Solar Incentives Guide for Bethel, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Bethel.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Bethel?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Dayton Power and Light - Residential Energy Efficiency Rebate Program
Air Conditioning: $100 - $150, varies by efficiency and equipment application
Air Source Heat Pump: $150 - $250, varies by efficiency and equipment application
Geothermal Heat Pump: $800 - $1,000, varies by efficiency and equipment application
Heat Pump Water Heaters: $400
Airlfow/Climate Control
WiFi Thermostat: $20-$30
Smart Thermostat: $75
Air Insulation & Sealing: Up to $650, must be through approved contractors
Appliance Recycling: $50
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Different kinds of incentives, like cash back, discounts or credit towards your monthly utility bill, may be available to you. Some incentives may be offered by the state of Ohio, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Net Metering: You may be able to sign a net metering contract with your Bethel utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your monthly utility bill.
- Solar Renewable Energy Certificate (SREC): In general, solar systems that produce more than a specified (usually small) amount of electricity qualify for SRECs or other similar performance-based incentives. SRECs and the like are typically provided 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.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Rebates, or partial refunds after a purchase, are typically applied before any solar tax credits are calculated. These rebates might be offered by your local utility company, by your state or by your county.
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you ignore the value of your solar system when calculating the taxes you pay on your home. You may also qualify for an exemption on sales tax at the time of purchase.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost – for panels, labor, accessories and equipment – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Your local Bethel solar panel installation expert can offer more information about the ITC and how it might apply to your situation.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. The amount will then decrease slightly on a yearly basis until the current program ends. Beginning in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. The best way to learn more about how the new Clean Energy Credit might apply to you is to talk with your local Bethel solar panel installation expert.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. As with federal incentives, these can include tax credits, rebates and more. These incentives may be provided by the Ohio government, or by your county or municipality. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Bethel
You can apply for solar incentives from the Ohio government and the federal government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. When you're ready to make the change to solar energy, calling your local Bethel solar panel installation expert is a great first step.
EcoWatch's Bethel, OH Solar Incentives FAQs
How can I find out if I qualify for specific solar incentives?
It's a smart idea to get in touch with your local Bethel solar installer to get an understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided at the level of the Ohio government, may have additional requirements.
If I installed solar panels on my house a few years ago, can I still claim incentives?
An excellent idea would be to talk to someone from the company that installed your solar panels – or reach out to a local Bethel solar installer — to learn about which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will solar panels save me on my electric bill in Bethel annually?
On average, Bethel homeowners who install solar panels save about $695.92 per year, or approximately $13,222.52 over 20 years after they make the switch.
What are the environmental benefits of switching to solar?
You can decrease your carbon footprint by 450 pounds of CO2 a year by installing solar panels. This adds up to around 9,000 pounds over 20 years. Solar is also a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
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.