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

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

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

The phrase "solar incentives" refers broadly to financial incentives that are in place to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. Various kinds of incentives, like discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be provided via the Ohio government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:

• Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from the total price before tax credits are calculated.
• Net Metering: Net metering becomes relevant once your solar system is up and running. If you've signed a net metering agreement with your Huber Heights utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other places you may receive a refund equivalent to a percentage of the value.
• Tax Exemptions: These might come in the form of property tax exemptions, which can let you ignore the value of your solar system when paying taxes on your house. You may also qualify for an exemption on sales tax at the time of purchase.
• Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the federal government. These are different from tax deductions.
• Solar Renewable Energy Certificate (SREC): SRECs can be sold to your utility company (or other buyers) for money that normally counts as part of your taxable income. Typically, a certain (small) threshold of energy production must be met before your solar system qualifies for SRECs or similar performance-based incentives. SRECs and similar incentives are normally handled at the state level.

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Federal Solar Incentives

When thinking about solar incentives, federal incentives may be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC can be applied to solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can apply towards solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.

Wondering how the ITC applies to your specific situation? Get in touch with your local Huber Heights solar panel installation expert to get more information.

In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. Now, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, may be eligible for a 30% tax credit. This percentage will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. Your local Huber Heights solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it will apply to you.

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 may be available at a more local level. Incentives might be provided by the state of Ohio, or by your county or municipality. Some incentives might only be available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Huber Heights

You can receive solar incentives from the federal government and the Ohio government, as well as from your local utility company. This increase in availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. We recommend talking to your local Huber Heights solar installation expert for more information about these incentives and to make sure that you're getting the most money possible for your solar panels.