2024 Solar Incentives Guide for Coshocton, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Coshocton.
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 Coshocton?
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
Source: https://www.dsireusa.org/
The phrase "solar incentives" broadly refers to financial incentives that are in place to encourage increased use of renewable energy by making solar panels more affordable. These incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the Ohio government and some by your specific utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (This is different from a tax deduction.)
- Net Metering: You may be able to sign a net metering agreement with your Coshocton 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 utility bill each month.
- Rebates: Rebates, or cash back after a purchase, are usually given before any solar tax credits are calculated. Rebates might be given by your local utility company, by your state or by your county.
- Solar Renewable Energy Certificate (SREC): In most cases, solar systems that produce more than a predetermined (normally small) amount of electricity qualify for SRECs or other similar performance-based incentives. SRECs and the like are typically given by your state government. SRECs can be sold to your utility company or another buyer, and this is usually considered part of your taxable income.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied when you purchase 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 house.
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Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a given percentage of the cost of your solar system.
The ITC applies to solar panels 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, accessories, labor and equipment – although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
To best understand how the ITC will apply to you, speak to your local Coshocton solar panel installation expert and request more information.
In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can receive a credit for 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit will apply to you is to speak with your local Coshocton solar panel company directly.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these could include rebates, tax credits and more. The incentives — which may be provided by the state of Ohio, or by your county or municipality — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Coshocton
Solar incentives can come from the Ohio government, the federal government or your local utility company. The large number of solar incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. Your local Coshocton solar panel installer can provide you with more details about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Coshocton, OH Solar Incentives FAQs
How do I know if I qualify for different solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the Ohio government or by your county/municipality, may have additional qualifications. Get in touch with your local Coshocton solar installer to find out what incentives your project will qualify for.
How much will a solar system save me on my electric bill in Coshocton annually?
When you add solar panels to your house in Coshocton, you can expect to save about $915.17 per year, or approximately $17,388.21 over the next 20 years.
Can I qualify for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on 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 incentives correctly and getting the most money you can.
Can I use both solar and another type of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you discuss your plan with your local Coshocton solar installation expert. They can help you plan your project and give you an understanding of various incentives that you may or may not qualify for.
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences will fall into this category. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.
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.