2023 Solar Incentives Guide for Blacklick Estates, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Blacklick Estates.
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 Blacklick Estates?
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 are intended to make renewable energy usage more affordable via financial incentives to help people install solar panels on their homes. You might be eligible for different kinds of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Ohio government and others from the federal government. Some broad categories of solar incentives include:
- Solar Renewable Energy Certificate (SREC): In general, solar systems that produce over a threshold (normally small) amount of electricity qualify for SRECs or similar performance-based incentives. SRECs and the like are typically offered by your state government. SRECs can be sold to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. These are different from tax deductions.
- Tax Exemptions: Your solar panels could qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to exclude the value added by your solar panels when calculating property taxes on your home.
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement with your Blacklick Estates utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other areas you might receive a refund equivalent to a percentage of the value.
- Rebates: Rebates, or cash back after a purchase, are typically given prior to any solar tax credits being calculated. Rebates may be given by your local utility company, by your state or by your county.
Federal Solar Incentives
Federal solar incentives are likely the first thing that you think of when thinking about solar incentives. One of the incentives that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of your solar system's cost.
The ITC originally covered 30% of the cost of solar panel installation, although that number has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.
To better understand exactly how much the ITC could save you, get in touch with your local Blacklick Estates solar panel installation expert.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. Homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This new credit will then see a slight annual decrease until the date of expiration. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit applies to you, speak with your local Blacklick Estates solar installers.
State & Local Solar Incentives
Rebates, tax credits and more might be provided at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. Some incentives are offered for only a limited time, while others are ongoing. These local incentives might come from the Ohio government, or from your specific county or municipality.
Next Steps for Installing Solar in Blacklick Estates
The expanding number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You might qualify for solar incentives from your local utility company, the Ohio government or the federal government. Call your local solar panel installation company today to discover more about the various programs and to save as much money as possible on solar panels for your Blacklick Estates home.
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 Blacklick Estates, OH Solar Incentives FAQs
How much will solar panels save me on my electric bill in Blacklick Estates annually?
Generally, Blacklick Estates homeowners who install solar panels save approximately $884.69 per year, or approximately $16,809.04 over 20 years after they make the switch.
What are the top solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to Blacklick Estates' top solar panel companies.
What are some of the environmental benefits of switching to solar?
You can reduce your carbon footprint by 450 pounds of CO2 annually by installing solar panels. This adds up to approximately 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly named the federal solar tax credit, or ITC), is scheduled 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 claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can claim both tax credits and rebates towards the cost of solar panels. Depending on precisely which incentives you are claiming, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to confirm that you are claiming the correct incentives and getting the most money possible.
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.