2024 Solar Incentives Guide for Mayfield Heights, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mayfield Heights.
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 Mayfield Heights?
Hamilton County - Home Improvement Program
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 are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Incentives can include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are provided by the Ohio government or by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Net Metering: You may be able to sign a net metering contract with your Mayfield Heights utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also offer limited-time rebates at various times. The value of a rebate will usually be deducted from the total price before tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Tax Exemptions: Your solar panel system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your house.
- Solar Renewable Energy Certificate (SREC): In general, solar systems that produce more than a specified (usually small) amount of electricity qualify for SRECs or other performance-based incentives. SRECs and similar incentives are typically offered by your state government. 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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. One of the incentives that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of the cost of your solar system.
The ITC can be credited towards the value of solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed on a property you own after January 1, 2006, for you to claim the credit. Originally, the ITC covered 30% of all system costs (panels, accessories, equipment and labor), although the total amount has fluctuated over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
Your local Mayfield Heights solar panel installer can provide you with more information about the ITC and how it may apply to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners are now eligible for a credit of 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 credit percentage will then begin to decrease on a yearly basis until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit applies to you is to reach out to your local Mayfield Heights solar panel company with your questions.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the state and local level. Certain incentives are ongoing, while others are offered for only a limited time. Your local solar incentives could come from the Ohio government, or from your specific county or municipality.
Next Steps for Installing Solar in Mayfield Heights
The large number of solar incentives available has enormously increased the use of solar power nationwide over the past 15 years. You may receive solar incentives from the federal government, the Ohio government or from your local utility company. Call your local solar panel installation company today to discover more about the various programs and to save as much money as possible on solar panels for your Mayfield Heights home.
EcoWatch's Mayfield Heights, OH Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
In most cases, solar incentives apply to:
- a new solar panel system
- installed on property you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those given out by the Ohio government or by your county/municipality, could have additional qualifications. Speak with your local Mayfield Heights solar installer to learn more about what incentives your project may qualify for.
If I installed solar panels on my house a few years ago, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Reaching out to the company that installed your solar system, or any local Mayfield Heights solar installer, can help you learn more about what incentives you can apply for.
What are the environmental benefits of switching to solar?
You can reduce your carbon footprint by 400 pounds of CO2 annually by switching to solar panels. This adds up to roughly 8,000 pounds over 20 years. Solar is also a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
If I switch my appliances out for ones that can use solar energy, are there benefits that I can claim?
The new Inflation Reduction Act includes provisions for multiple incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to better understand what incentives may apply to your specific situation.
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.