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

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

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

The term "solar incentives" generally refers to financial incentives that are in place to encourage the use of renewable energy by making solar panels more affordable. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are offered by the state of Ohio or your specific utility company, county or municipality. Some solar incentives you might qualify for are:

• Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from the total price before any tax credits are calculated.
• Solar Renewable Energy Certificate (SREC): In general, solar systems that produce over a threshold (usually small) amount of electricity qualify for SRECs or similar performance-based incentives. SRECs and the like are typically given at the state level. When you receive an SREC, you can sell it to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
• Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
• Net Metering: You may be able to sign a net metering agreement with your Harrison utility company that will apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
• Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your house.

Best National Provider

SunPower

★★★★★

5.0

• Most efficient panels on the market
• National coverage
• Cradle to Cradle sustainability certification
• Great warranty coverage
• Expensive
• Customer service varies by local dealer

Get Estimate

Best Solar Financing

Blue Raven Solar

★★★★★

4.5

• Industry-leading in-house financing
• Competitive pricing
• Excellent reputation
• Doesn't offer solar batteries

Get Estimate

Best Social Impact

Palmetto Solar

★★★★★

4.0

• Expansive service area
• Makes charitable contributions
• Certified B Corp
• No leases or PPAs
• Quality of installation may vary by location

Get Estimate

Federal Solar Incentives

When thinking about solar incentives, you likely think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a specified percentage of the money you spend installing solar panels.

The ITC was originally for 30% of the total cost of installing solar panels, although that number has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum claim amount. The ITC can be applied 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.

Have questions about how the ITC applies to your specific situation? Reach out to your local Harrison solar panel installer to get more information.

In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. Homeowners are now eligible for a credit equal to 30% of the total costs of solar system installation for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.

More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit applies to you, speak with your local Harrison solar installers.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Tax credits, rebates and more might be available at a more local level. Some incentives are offered for only a limited time, while others are ongoing. Local solar incentives might come from your county or municipality, or from the Ohio government.

Next Steps for Installing Solar in Harrison

Nationwide solar energy use has gone up tremendously in the past 15 years, in part due to the growth in the number of solar incentives. You might receive these incentives from the Ohio government, the federal government or your local utility company. Getting in touch with your local Harrison solar panel installation company is an excellent first step towards getting the most money possible when you switch to solar energy.