2023 Solar Incentives Guide for Genoa, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Genoa.
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 September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Genoa?
Hamilton County - Home Improvement Program
Consolidated Electric Cooperative - Heat Pump and Water Heating Rebates
Duel Fuel Heat Pump Rebate: $600
Geothermal Heat Pump: $1,000
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 encourage homeowners to switch their home over to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are handled federally, while others are provided by the Ohio government or by your utility company, county or municipality. Types of solar incentives might include:
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. These are different from tax deductions.
- Net Metering: You can sign a net metering contract with your Genoa utility company that will apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your utility bill each month.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from the total price before any tax credits are calculated.
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions allow you to ignore the added value of your solar system when calculating how much property tax you need to pay on your home.
- Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are usually handled by your state government. Once your solar panel system meets the threshold (generally a small amount of energy production), you can receive SRECs that can then be sold to your utility company or other buyers. The money you make is generally considered part of your taxable income.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when thinking about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC offers a tax credit for a predetermined 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 that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, accessories, labor and equipment — although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Your local Genoa solar panel installer can provide more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now titled the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. You are now eligible for a 30% credit for solar systems that began installation on or after January 1, 2022 and will be done by December 31, 2032. The credit will then decrease annually until the date of expiration. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Genoa solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Tax credits, rebates and more can be provided at multiple levels. On top of federal solar incentives, there are often state and local ones, too. Certain incentives are offered for only a limited time, while others are ongoing. Local solar incentives might come from the Ohio government, or from your specific county or municipality.
Next Steps for Installing Solar in Genoa
Nationwide solar energy use has gone up tremendously in the past 15 years, in part thanks to the proliferation of solar incentives. You may get these incentives from the federal government, the Ohio government or your local utility company. Call your local solar panel installer today to learn more and to save as much money as possible on solar panels for your Genoa home.
EcoWatch's Genoa, OH Solar Incentives FAQs
Can I claim incentives for adding solar panels to a vacation home, rental property or commercial property?
Many solar incentives apply to a property located within the United States that you own; most secondary residences 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.
How do I learn if I qualify for different solar incentives?
Generally, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including ones handled by the Ohio government or by your county/municipality, might have additional qualifications. Speak with your local Genoa solar installer to find out what incentives your project may qualify for.
How much will solar panels save me on my electric bill in Genoa annually?
On average, homeowners in Genoa who install solar panels save approximately $884.42 per year, or approximately $16,804.07 over 20 years after making the switch.
What are the top solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to Genoa's best solar panel companies.
Can I receive incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in might vary depending on which incentives you are eligible for but typically yes, you can receive multiple types of incentives for your solar project. Check with your solar installer or a local tax professional to ensure you are claiming all the incentives you are eligible for and applying them in the correct order.
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.