2024 Solar Incentives Guide for Mack, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mack.
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 Mack?
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
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" generally refers to financial incentives designed to encourage increased use of renewable energy by making the installation and use of solar panels more affordable. Different types of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Certain incentives may be handled by the state of Ohio, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Solar rebates may be provided by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
- Tax Exemptions: Tax exemptions can come in two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when calculating property tax for your house.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Mack 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 credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
- Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce over a threshold (normally small) amount of electricity can qualify for SRECs or other performance-based incentives. SRECs and similar incentives are typically given at the state level. You can sell SRECs to your utility company or another buyer, and the money you receive is normally 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 incentives are the kind of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC provides a tax credit for a set percentage of your solar system's cost.
The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed on a property you own after January 1, 2006, for you to be eligible for the credit. Originally, the ITC covered 30% of all system costs (panels, equipment, labor and accessories), although the amount has fluctuated slightly over the last few years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
To best understand how the ITC may apply to you, get in touch with your local Mack solar panel installer and ask for more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can apply for a credit for 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes it easier to get credit for energy storage systems, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Mack solar panel installation expert is the best person to answer your questions regarding 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 as well. These incentives may be handled by your county or municipality, or by the Ohio government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Mack
Solar incentives might be provided by the federal government, the Ohio government or your local utility company. The growing number of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. We recommend talking to your local Mack solar installation expert to learn more about these incentives and to make sure that you're getting the most money possible for your solar system.
EcoWatch's Mack, OH Solar Incentives FAQs
What are some of the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing 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.
How long until the federal solar tax credit ends?
The Clean Energy Credit (previously called the federal solar tax credit, or the ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
If I switch my appliances out for ones that can utilize solar energy, are there any benefits that I can claim?
The new Inflation Reduction Act provides multiple incentives designed to reward homeowners who make eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
What if I am planning to add solar panels to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, so long as that home is in the United States and owned by you. There may be other incentives available specifically for commercial properties, depending on the specifics.
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.