2024 Solar Incentives Guide for Findlay, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Findlay.
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 Findlay?
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/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives to help people install solar panels on their homes. Incentives can include things like discounts, cash back or monthly utility bill credits. Some incentives are provided by the federal government, while others are provided by the state of Ohio or by your specific utility company, county or municipality. Categories of solar incentives include:
- Rebates: Rebates, or partial refunds after a purchase, are usually given before any solar tax credits are calculated. These rebates might be offered by your local utility company, by your state or by your county.
- Tax Exemptions: Your solar system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Findlay utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other places you might get refunded a percentage of the value.
- Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for cash that typically becomes part of your taxable income. Generally, you must meet a certain (small) threshold of energy production before your solar system can earn SRECs or other performance-based incentives. SRECs and similar incentives are generally handled by your state government.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some knowledge of. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on solar panels for your home.
The ITC originally covered 30% of the cost of solar system installation, although it has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum amount you can claim. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
To best understand how the ITC could apply to your situation, speak to your local Findlay solar panel installation expert and request more information.
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 re-raises the credit up to 30% for solar systems installed between 2022 and 2032. At this point, the credit percentage will decrease slightly each year until the end of the program 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. To fully understand how the new Clean Energy Credit might apply to you, speak with your local Findlay solar installation expert.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. As with federal incentives, these may include rebates, tax credits and more. The incentives — which may be handled by the state of Ohio, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Findlay
There are many types of solar incentives: those offered by local utility companies, those provided by the Ohio government and those given by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. If you're prepared to make the switch to solar energy, reaching out to your local Findlay solar panel installation expert is an excellent place to start.
EcoWatch's Findlay, OH Solar Incentives FAQs
Who installs solar panel systems near me?
To discover the top solar panel installation companies near you, take a look at our article on the top solar companies in Findlay.
What are some of the environmental benefits of switching to solar energy?
Solar energy is renewable — by switching where you get your energy, you can help lessen the strain on our planet's resources. Solar panels can also reduce the CO2 emissions from your home by 450 pounds a year, or around 9,000 pounds in 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any incentives I can get?
The new Inflation Reduction Act creates several new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I receive incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order that incentives will be applied in may vary depending on which incentives you are claiming but in most cases yes, you can claim multiple types of incentives for your solar project. Check with your solar installer or a local tax professional to confirm you are claiming all the incentives you're eligible for and applying them in the correct order.
Can I use both solar and another type of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss your proposed plan with your local Findlay solar installation expert, to get an understanding of what will be needed and what 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.