2023 Solar Incentives Guide for Piqua, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Piqua.
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 Piqua?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Dayton Power and Light - Residential Energy Efficiency Rebate Program
Air Conditioning: $100 - $150, varies by efficiency and equipment application
Air Source Heat Pump: $150 - $250, varies by efficiency and equipment application
Geothermal Heat Pump: $800 - $1,000, varies by efficiency and equipment application
Heat Pump Water Heaters: $400
Airlfow/Climate Control
WiFi Thermostat: $20-$30
Smart Thermostat: $75
Air Insulation & Sealing: Up to $650, must be through approved contractors
Appliance Recycling: $50
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" includes a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might be eligible for various types of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Ohio and others from the federal government. You might qualify for any of the following types of solar incentives:
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off your total price before any tax credits are calculated.
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce more than a predetermined (generally small) amount of electricity will qualify for SRECs or other performance-based incentives. SRECs and the like are typically provided by your state government. SRECs can be sold to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
- Tax Exemptions: Your solar panel system could qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you ignore the added value of the solar panels when calculating property taxes on your home.
- Net Metering: Make sure you speak to your Piqua 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 generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC covers solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, equipment and accessories. This credit can apply towards solar panels installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
Wondering how the ITC applies to your specific situation? Get in touch with your local Piqua solar panel installer 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. Homeowners can now qualify for a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022 and completed before the end of 2032. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, speak with your local Piqua solar installation company.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these can include rebates, tax credits and more. Incentives may be given by the state of Ohio, or by your county or municipality. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Piqua
Nationwide solar energy use has gone up significantly in the past 15 years, in part thanks to the increase in availability of solar incentives. You can obtain these incentives from the Ohio government, the federal government or your local utility company. We suggest talking to your local Piqua solar installer for more information about these incentives and to make sure that you're getting all of the money you can for your solar system.
EcoWatch's Piqua, OH Solar Incentives FAQs
What if I add solar panels to a rental property, vacation home or commercial property? Can I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend reaching out to your local solar installer and/or tax professional to fully understand what incentives apply to your specific situation.
My home already has solar panels installed. Are there any incentives that I qualify for?
An excellent idea would be to talk to the company that installed your system — or get in touch with a local Piqua solar installer — to learn about which incentives you may 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 systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
Who installs solar panels near me?
To find a top-rated solar panel installer, check out our guide to Piqua's top solar panel companies.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly named the federal solar tax credit, or the ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
If I change out my appliances for ones that utilize solar energy, are there any benefits that I can claim?
The recently passed Inflation Reduction Act includes provisions for a number of incentives designed to reward homeowners for making eco-friendly upgrades. Some of these 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.