2024 Solar Incentives Guide for Celina, OH - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Celina?

Source: https://www.dsireusa.org/

Solar incentives are designed to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. Solar incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Ohio government and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:

• Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from your total price before any tax credits are calculated.
• Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
• Net Metering: You can sign a net metering agreement with your Celina utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your monthly utility bill.
• Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are usually handled at the state level. Once your solar panel system meets the qualification threshold (typically a small amount of energy production), you can receive SRECs that can be sold to your utility company or other buyers. The money you receive from the sale is generally considered part of your taxable income.
• Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when paying property tax on your home.

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Federal Solar Incentives

Federal solar incentives are probably the first thing that you think of when thinking about solar incentives. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of the cost of your solar system.

The ITC can be applied to solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. This credit can apply towards a solar panel system installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.

Your local Celina solar panel installation expert can provide you with more information about the ITC and how it might apply to your situation.

The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After this, the credit percentage will decrease slightly each year until the program expires in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit will apply to you is to reach out to your local Celina solar panel company with your questions.

State & Local Solar Incentives

Tax credits, rebates and more might be provided at multiple levels. On top of federal solar incentives, there are often state and local ones, too. These solar incentives — which might be given by your county or municipality, or by the state of Ohio — could be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Celina

You can apply for and receive solar incentives from the federal government and the Ohio government, as well as from your local utility company. Growing availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. If you're prepared to make the switch to solar energy, talking to your local Celina solar panel installation expert is an excellent place to start.