2023 Solar Incentives Guide for Perrysburg, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Perrysburg.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Perrysburg?
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 implemented by the government and by solar companies to encourage the use of renewable energy by making solar panels more affordable. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are handled by the state of Ohio or your utility company, county or municipality. Categories of solar incentives include:
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the government. These differ from tax deductions.
- Rebates: A rebate is a partial refund after the purchase of your solar system. Rebates may be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement with your Perrysburg utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in others you may receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions allow you to ignore the value that your solar panels add when you calculate how much property tax you need to pay on your home.
- Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are generally handled by your state government. Once your solar system meets the qualification threshold (typically a small amount of energy production), you can receive SRECs that you can then sell to your utility company or other buyers. The money you receive is usually 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
Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of the cost of your solar system.
The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost — for panels, accessories, labor and equipment — although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
Curious how the ITC might apply to your specific situation? Contact your local Perrysburg solar panel installation expert to get more information.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. Under the new program, solar installation projects started after January 1, 2022 and completed by the end of 2032 might qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit applies to you, talk to your local Perrysburg solar installation expert.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more may be available at a more local level. The incentives — which might be handled by your county or municipality, or by the state of Ohio — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Perrysburg
The variety of available solar incentives has enormously increased the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from the Ohio government, the federal government or your local utility company. It is a good idea to talk to your local Perrysburg solar installation company for more information about these incentives and to make sure that you're getting all of the money you can for your solar panels.
EcoWatch's Perrysburg, OH Solar Incentives FAQs
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences will fall into this category. Other solar incentives may be available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to best understand what incentives will apply to your specific situation.
My home already has solar panels installed. Do I qualify for any incentives?
You should plan to talk to someone from the company that installed your solar system — or reach out to a local Perrysburg solar installer — to clarify 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. Systems 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 Perrysburg?
Typically, homeowners in Perrysburg who install solar panels save around $735.04 per year, or around $13,965.75 over 20 years after they make the switch.
What are some environmental benefits of adding solar panels to my house?
You can lower your carbon footprint by 450 pounds of CO2 annually when you switch to solar panels. This adds up to roughly 9,000 pounds over 20 years. Solar is also a renewable energy source, which means that making the switch lessens the drain on our planet's resources.
If I change out my appliances for ones that can use solar energy, are there incentives that I can claim?
The new Inflation Reduction Act provides a number of incentives meant to reward homeowners for making eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
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.