2023 Solar Incentives Guide for Marysville, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Marysville.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Marysville?
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)
Dayton Power and Light - Residential Energy Efficiency Rebate Program
Air Conditioning: $100 - $150, varies by efficiency and equipment application
Air Source Heat Pump: $150 - $250, varies by efficiency and equipment application
Geothermal Heat Pump: $800 - $1,000, varies by efficiency and equipment application
Heat Pump Water Heaters: $400
WiFi Thermostat: $20-$30
Smart Thermostat: $75
Air Insulation & Sealing: Up to $650, must be through approved contractors
Appliance Recycling: $50
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Different kinds of incentives, such as cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be handled by the state of Ohio, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- Tax Exemptions: Your solar panels may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your home.
- Net Metering: Be sure to talk to your Marysville utility company about signing a net metering contract. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: Rebates, or cash back after a purchase, are usually applied before any solar tax credits are calculated. Solar rebates can be offered by your local utility company, by your county or by your state.
- Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives may be available to you if the solar system on your home produces over a specified (typically small) amount of electricity. These types of incentives are generally handled by the state government. You can sell SRECs to your utility company or other buyers, and the money you receive in return is usually considered part of your taxable income.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.
The ITC can be applied to the total cost of installing a solar system, including the panels themselves as well as accessories, labor and equipment. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
To better understand exactly how much money the ITC could save you, speak with your local Marysville solar panel installer.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now titled the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners can now receive a 30% credit for solar systems installed between January 1, 2022 and December 31, 2032. This credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. Your local Marysville solar panel installation experts can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Rebates, tax credits and more can be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. These incentives may be given out by your county or municipality, or by the Ohio government. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Marysville
Nationwide solar energy use has increased enormously in the last 15 years, in part due to the proliferation of solar incentives. You might receive these incentives from the Ohio government, the federal government or your local utility company. Your local Marysville solar panel installer can give you more information about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Marysville, OH Solar Incentives FAQs
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