2023 Solar Incentives Guide for Pultney, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Pultney.
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.
Get a free quote from one of our trusted Pultney solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Pultney?
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
Solar incentives mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more homeowners to convert their home partially or fully to renewable energy. Incentives may include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are handled by the state of Ohio or by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. The value of a rebate will usually come off your total price before any tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
- Tax Exemptions: These can come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when paying property tax on your home. You could also look for exemptions on sales tax at the time of purchase.
- Net Metering: Net metering becomes relevant once your solar system is up and running. If you've signed a net metering agreement with your Pultney utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in others you may make back a percentage of the value.
- Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are usually handled at the state level. Once your solar panel system meets the threshold (typically a small amount of energy production), you are eligible to receive SRECs that you can then sell to your utility company or other buyers. The money you make is usually considered part of your taxable income.
Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.
The ITC was originally for 30% of the cost of installing a solar system, and has fluctuated slightly over the last few years 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 labor, accessories and equipment. There is no maximum claim amount. The ITC applies to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.
Talking to your local Pultney solar panel installation expert is the best way to understand how the ITC applies to you.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it 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 2032, the percentage will decrease slightly each year until the program expires in 2035. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit applies to you is to reach out to your local Pultney solar panel company with your questions.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these can include rebates, tax credits and more. Certain incentives are ongoing, while others might only be available for a limited time. These incentives may be provided by the Ohio government, or by your county or municipality.
Next Steps for Installing Solar in Pultney
The expanding number of available solar incentives has enormously increased the use of solar power nationwide over the past 15 years. You may receive solar incentives from the federal government, the Ohio government or from your local utility company. Getting in touch with your local Pultney solar panel installer is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Pultney, OH Solar Incentives FAQs
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.