2024 Solar Incentives Guide for Norwich, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Norwich.
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 Norwich?
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/
The term "solar incentives" refers to financial incentives that are in place to encourage people to use renewable energy by making solar panels more affordable. You might qualify for several kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Ohio government and others from the federal government. Some solar incentives you might qualify for are:
- Rebates: Rebates, or cash back after a purchase, are usually given before any solar tax credits are calculated. Solar rebates may be offered by your local utility company, by your state or by your county.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying taxes on your home. You could also look for exemptions on sales tax at the time of purchase.
- Solar Renewable Energy Certificate (SREC): In most cases, solar systems that produce more than a predetermined (usually small) amount of electricity qualify for SRECs or other similar performance-based incentives. SRECs and similar incentives are typically provided at the state level. SRECs can be sold to your utility company or another buyer, and this is usually considered part of your taxable income.
- Net Metering: Don't forget to talk with your Norwich utility company about signing a net metering agreement. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
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Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when thinking about solar incentives. One of the incentives that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can be claimed on a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
Wondering how the ITC applies to your specific situation? Get in touch with your local Norwich solar panel installation expert to get more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can apply for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. The best way to learn more about how the new Clean Energy Credit might apply to you is to get in touch with your local Norwich solar panel installers.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more might also be offered at the local or state level. Some incentives are ongoing, while others are offered for only a limited time. These local incentives could come from the Ohio government, or from your specific county or municipality.
Next Steps for Installing Solar in Norwich
You can qualify for solar incentives from the federal government and the Ohio government, as well as from your local utility company. The increased availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. Call your local solar panel installer today to learn more and to save as much money as possible on solar panels for your Norwich home.
EcoWatch's Norwich, OH Solar Incentives FAQs
How can I learn if I qualify for different solar incentives?
It's a smart idea to get in touch with your local Norwich solar installer for a better understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those provided at the level of the Ohio government, might have additional requirements.
If I already have solar panels, can I still claim incentives?
An excellent idea would be to talk to a representative from the company that installed your solar panels – or speak to a local Norwich solar installer — to better understand which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much can I save annually on my electric bill if I add solar panels to my house in Norwich?
Typically, homeowners in Norwich who install solar panels save approximately $811.06 per year, or around $15,410.19 over 20 years after making the switch.
Who installs solar panel systems near me?
To discover the top solar panel installers near you, take a look at our article on Norwich's best solar panel companies.
When does the federal solar tax credit end?
The Clean Energy Credit (previously called the federal solar tax credit, or ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
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.