2023 Solar Incentives Guide for Calcutta, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Calcutta.
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 Calcutta?
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 designed to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. You may qualify for different kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Ohio government and others from the federal government. Some solar incentives you might qualify for are:
- Tax Exemptions: These might come in the form of property tax exemptions, which let you ignore the value added by your solar panels when paying property tax on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Calcutta 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 locations, this credit is dollar-for-dollar, while in other places you might make back a percentage of the value.
- Solar Renewable Energy Certificate (SREC): Typically, solar systems that produce over a threshold (usually small) amount of electricity will qualify for SRECs or similar performance-based incentives. SRECs and performance-based incentives in general are typically given at the state level. SRECs can be sold to your utility company or another buyer, and this is usually considered part of your taxable income.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off your total price before tax credits are calculated.
Federal Solar Incentives
When people think of solar incentives, federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC provides you with a tax credit for a specific percentage of your solar system's cost.
The ITC applies to the total cost of installing solar panels, including the panels themselves as well as labor, accessories and equipment. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own, as long as it is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
To find out exactly how much money the ITC could save you, speak with your local Calcutta solar panel installer.
In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. 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; this amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Calcutta solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Like with federal incentives, these can include tax credits, rebates and more. Certain incentives are ongoing, while others might only be available for a limited time. They might be offered by your county or municipality, or by the Ohio government.
Next Steps for Installing Solar in Calcutta
The nationwide use of solar energy has gone up tremendously in the last 15 years, in part due to the growth in the number of solar incentives. You can obtain these incentives from the federal government, the Ohio government or your local utility company. Reaching out to your local Calcutta solar panel installer is a great first step towards getting the most money possible when you switch to solar energy.
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 Calcutta, OH Solar Incentives FAQs
How do I know if I qualify for specific solar incentives?
Broadly, solar incentives apply to:
- a new solar system
- installed on a property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those given out by the Ohio government or by your county/municipality, might have additional qualifications. Talk to your local Calcutta solar installer to find out what incentives your project may qualify for.
What are some environmental benefits of adding solar panels to my home?
You can decrease your carbon footprint by 400 pounds of CO2 annually when you switch to solar panels. This adds up to roughly 8,000 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.
If I trade in my appliances for ones that can utilize solar energy, are there any incentives I can claim?
With the passage of the new Inflation Reduction Act, there are a number of new financial incentives to encourage you to make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive 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 verify that you are claiming the correct incentives and getting the most money possible.
Can I use multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and geothermal. You can also use both renewable energy sources and a backup source of non-renewable energy. Be sure to discuss the details of your plan with your local Calcutta solar panel installer, to get an understanding of what will be needed and what types of incentives you might or might 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.