2024 Solar Incentives Guide for Streetsboro, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Streetsboro.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Streetsboro?
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/
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. This category of financial incentives is designed to encourage more people to switch to renewable energy. You might be eligible for various kinds of incentives, such as discounts, cash back 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:
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you've signed a net metering agreement with your Streetsboro utility company, the company will subtract the value of the excess energy your solar system produces 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.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you ignore the value added by your solar system when you're calculating the amount of property tax you need to pay.
- Solar Renewable Energy Certificate (SREC): In most cases, solar systems that produce more than a predetermined (usually small) amount of electricity will qualify for SRECs or other performance-based incentives. SRECs and similar incentives are typically offered at the state level. When you receive an SREC, you can sell it to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits are different from tax deductions.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually come off your total price before any tax credits are calculated.
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 heard of. 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 certain percentage of your solar system's cost.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006, on a property you own for you to claim the credit. The ITC initially covered 30% of all system costs (panels, equipment, labor and accessories), although the amount has fluctuated over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
Your local Streetsboro solar panel installer can give you more information about the ITC and how it applies to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit extends until 2035. American homeowners can now apply for a 30% credit for solar systems that began installation after January 1, 2022, and are completed by the end of 2032. This new credit will then see a slight annual decrease until it expires. Starting in 2023, it will also be easier to get credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit might apply to you, get in touch with your local Streetsboro solar installers.
State & Local Solar Incentives
Tax credits, rebates and more might be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones, too. The incentives — which might be provided by your county or municipality, or by the state of Ohio — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Streetsboro
The variety of solar incentives available has helped tremendously increase the adoption of solar energy nationwide over the past 15 years. You can get solar incentives from the Ohio government, the federal government or your local utility company. It is a good idea to talk to your local Streetsboro solar installation company for more information about these incentives and to be sure that you're getting the largest number possible for your solar system.
EcoWatch's Streetsboro, OH Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with the company that installed your system, or any local Streetsboro solar installer, can help you understand what incentives you can apply for.
What are the top solar panel installation companies near me?
To discover the top solar panel installation companies near you, take a look at our article on the top solar companies in Streetsboro.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now titled the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any credits I can apply for?
With the passage of the new Inflation Reduction Act, there are several new financial incentives to encourage you to make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
What if I am planning to add solar panels to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many will apply to a second home, so long as that home is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the details.
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.