2024 Solar Incentives Guide for Pierce, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Pierce.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Pierce?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Duke Energy (Gas & Electric) - Residential Efficiency Rebate Program
Central AC or Heat pump: $300-$400
Geothermal Heat Pump: $400
Smart Thermostat: $125
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $300
Duct Sealing: $100
Duct Insulation: $75
Attic Insulation and Air Sealing: $250
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. You may be eligible for various kinds of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Ohio and others from the federal government. Some broad categories of solar incentives include:
- Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce more than a specified (usually small) amount of electricity will qualify for SRECs or similar performance-based incentives. SRECs and similar incentives are typically offered at the state level. You can sell SRECs to your utility company or another buyer, and this is usually considered part of your taxable income.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Rebates: A solar rebate is a partial refund given after you've purchased your solar panels. These could be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Net Metering: Make sure you talk to your Pierce utility company about signing a net metering contract. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Your solar panels could qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your house.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of your solar system's cost.
The ITC can be applied to the total cost of installing solar panels, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum claim amount.
Your local Pierce solar panel installer can provide more information about the ITC and how it applies to your situation.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After this, the percentage will be reduced slightly each year until the program expires in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit might apply to you, get in touch with your local Pierce solar installers.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Similar to federal incentives, these may include tax credits, rebates and more. These solar incentives — which may be given by the state of Ohio, or by your county or municipality — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Pierce
You can apply for solar incentives from the federal government and the Ohio government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. Speaking with your local Pierce solar panel installation expert is a great first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Pierce, OH Solar Incentives FAQs
How much will a solar system save me on my electric bill in Pierce annually?
On average, Pierce homeowners who install solar panels save around $656.67 per year, or approximately $12,476.79 over 20 years after making the switch.
Who installs solar panels near me?
To find the top solar panel installation companies near you, take a look at our article on the best solar companies in Pierce.
What are the environmental benefits of switching to solar?
Solar energy is renewable — by changing where you get your energy, you can help reduce the strain on our planet's resources. Solar panels can also reduce your home's CO2 emissions by 450 pounds a year, or roughly 9,000 pounds over 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can get?
With the passage of the new Inflation Reduction Act, there are a variety of new financial incentives for making eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied could vary depending on which incentives you are claiming but usually yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to confirm you are claiming all the incentives you're eligible for and applying them in the correct order.
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.