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

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

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

The term "solar incentives" refers broadly to financial incentives that are in place to encourage people to use renewable energy by making installing and using solar panels more affordable. These incentives might include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the state of Ohio and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:

• Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives might be available to you if your solar system produces more than a specified (generally small) amount of electricity. Performance-based incentives are typically handled at the state level. 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 Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions allow you to exclude the value added by your solar system when you're calculating the amount of property tax you need to pay.
• Rebates: Rebates, or cash back after a purchase, are normally applied prior to any solar tax credits being calculated. Solar rebates might be given by your local utility company, by your county or by your state.
• Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement with your Moorefield utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you might receive a refund equivalent to a percentage of the value.
• Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.

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Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some familiarity with. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of the cost of your solar system.

The ITC was originally for 30% of the cost of solar panel installation, and has fluctuated slightly over the last few years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. 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.

Your local Moorefield solar panel installation expert can offer more information about the ITC and how it may apply to your situation.

In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. Homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The total credit will then decrease annually until its expiration. Starting in 2023, it will also be easier to obtain credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit applies to you is to talk with your local Moorefield solar panel company.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. As with federal incentives, these may include rebates, tax credits and more. Certain incentives are ongoing, while others are only available for a limited time. Incentives may be given by your county or municipality, or by the Ohio government.

Next Steps for Installing Solar in Moorefield

Solar incentives can come from your local utility company, the Ohio government or the federal government. The growing number of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. Contact your local solar panel installation company today to find out more information and to save as much money as possible on a solar system for your Moorefield home.