2023 Solar Incentives Guide for Perry, OH - Tax Credits & Rebates

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

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

The term "solar incentives" refers broadly to financial incentives implemented by the government and by solar companies to encourage increased use of renewable energy by making solar panels more affordable. Various kinds of incentives, such as discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be offered by the state of Ohio, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:

• Solar Renewable Energy Certificate (SREC): Typically, solar systems that produce more than a predetermined (generally small) amount of electricity can qualify for SRECs or other similar performance-based incentives. SRECs and performance-based incentives in general are typically provided at the state level. You can sell SRECs to your utility company or another buyer, and generally the money you make is normally considered part of your taxable income.
• Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually come off the total price before any tax credits are calculated.
• Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your house.
• Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the government. These differ from tax deductions.
• Net Metering: You can sign a net metering contract with your Perry utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your monthly utility bill.

Best National Provider

SunPower

★★★★★

5.0

• Most efficient panels on the market
• National coverage
• Cradle to Cradle sustainability certification
• Great warranty coverage
• Expensive
• Customer service varies by local dealer

Get Quote

Best Solar Financing

Blue Raven Solar

★★★★★

4.5

• Industry-leading in-house financing
• Competitive pricing
• Excellent reputation
• Doesn't offer solar batteries

Get Quote

Best Warranty Coverage

ADT Solar

★★★★★

4.0

• Industry-leading warranty coverage
• Expansive service area
• Some reported communication issues
• No leases or PPAs

Get Quote

Federal Solar Incentives

Federal solar incentives are probably the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC offers a tax credit for a specific percentage of the cost of your solar system.

The ITC initially applied to 30% of the cost of installing a solar system, although that number has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.

To know exactly how much money the ITC could save you, get in touch with your local Perry solar panel installer.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. With the new provisions, solar installation projects started after January 1, 2022 and completed by the end of 2032 may be eligible for a 30% tax credit. This credit amount will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.

More information about the new Inflation Reduction Act can be found here. Your local Perry solar panel installer can answer any questions you have and explain how the new Clean Energy Credit will apply to you.

State & Local Solar Incentives

Rebates, tax credits and more might be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. These incentives might be given out by the Ohio government, or by your county or municipality. Some are available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Perry

There are a number of different solar incentives: those provided by local utility companies, those provided by the Ohio government and those provided by the federal government, to name a few. The use of solar energy has grown tremendously in the last 15 years, partially thanks to these incentives. Your local Perry solar panel installer can provide you with more details about which incentives you should apply for, and get you on track to switch to renewable energy today.