2023 Solar Incentives Guide for Dry Ridge, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Dry Ridge.
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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Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Dry Ridge?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Duke Energy (Gas & Electric) - Residential Efficiency Rebate Program
Central AC or Heat pump: $300-$400
Geothermal Heat Pump: $400
Smart Thermostat: $125
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $300
Duct Sealing: $100
Duct Insulation: $75
Attic Insulation and Air Sealing: $250
Butler Rural Electric Cooperative - Energy Efficiency Improvement Loan Program
Butler Rural Electric Cooperative - Residential Rebate Program
Geothermal Systems (Replacement Systems): $600
Dual Fuel Heating Systems (New Installations): $600
Dual Fuel Heating Systems (Replacements): $300
Air Source Heat Pump Systems (New and Replacements): $300
Insulation: maximum of $800 or 50% of project cost (whichever is lower)
Air Sealing: maximum of $400 or 50% of project cost (whichever is lower)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" refers broadly to financial incentives designed to encourage increased use of renewable energy by making solar panels more affordable. Various types of incentives, such as discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be provided via the state of Ohio, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Tax Exemptions: Tax exemptions can 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 added value of your solar system when calculating property tax for your home.
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the federal government. These are different from tax deductions.
- Solar Renewable Energy Certificate (SREC): In general, solar systems that produce over a threshold (usually small) amount of electricity will qualify for SRECs or other performance-based incentives. SRECs and similar incentives 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: Rebates, or partial refunds after a purchase, are typically given prior to any solar tax credits being calculated. Rebates can be provided by your local utility company, by your state or by your county.
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Dry Ridge 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 places, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when you think about solar incentives. An incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specified percentage of the cost of your solar system.
The ITC can be applied to the total cost of installing a solar system, 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 and that is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum amount you can claim.
To better understand how the ITC may apply to your situation, call your local Dry Ridge solar panel installer and request more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can receive a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. 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. Your local Dry Ridge solar panel installation experts can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more might be available at a more local level. Some incentives are ongoing, while others are available for a limited time. They might be given by the Ohio government, or by your county or municipality.
Next Steps for Installing Solar in Dry Ridge
You can apply for and receive 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 greatly increase nationwide adoption of solar energy. Reaching out to your local Dry Ridge solar panel installer is a great first step towards making sure you get all the incentives you qualify for 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)
Best Technology
Tesla Energy
- 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 Dry Ridge, OH Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
It's a smart idea to get in touch with your local Dry Ridge solar installer for a better understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those offered by the government of Ohio, may have other requirements.
How much will solar panels save me annually on my electric bill in Dry Ridge?
On average, Dry Ridge homeowners who install solar panels save about $764.86 per year, or about $14,532.34 over 20 years after making the switch.
What are some environmental benefits of adding solar panels to my home?
Solar energy is renewable — by changing where you get your energy, you can help reduce the strain on our planet's resources. A solar system can also reduce the CO2 emissions from your home by 450 pounds a year, or roughly 9,000 pounds in 20 years.
If I change out my appliances for ones that can utilize solar energy, are there any incentives that I can claim?
The recently passed Inflation Reduction Act includes provisions for a number of incentives that reward homeowners for making eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
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.