2023 Solar Incentives Guide for Struthers, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Struthers.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Struthers?
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 help mitigate the cost of installing solar panels on your home. This category of financial incentives is designed to encourage more Americans to make the switch to renewable energy. Various kinds of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Certain incentives may be offered by the Ohio government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- 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.)
- Net Metering: You may be able to sign a net metering contract with your Struthers utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the added value of the solar panels when calculating property taxes on your home.
- Rebates: Solar rebates might be offered by your state or county, or by your local utility company. These rebates work as cash back that is applied after you pay for a solar system and before tax credits are calculated.
- Solar Renewable Energy Certificate (SREC): SRECs and similar other performance-based incentives might be available to you if your solar system produces more than a specified (typically small) amount of electricity. This category of incentives is usually handled by the state government. You can sell any SRECs you have to your utility company or other buyers, and the money you receive in return is normally considered part of your taxable income.
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when thinking about solar incentives. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies towards solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. You can receive this credit for 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.
To better understand how the ITC may apply to you, reach out to your local Struthers solar panel installation expert and ask for more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. After 2032, the credit percentage will be reduced slightly each year until the end of the program in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit will apply to you, reach out to your local Struthers solar installation expert.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. Incentives may be offered by your county or municipality, or by the state of Ohio. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Struthers
There are a variety of solar incentives: those offered by the federal government, those offered by the Ohio government and those offered by local utility companies, to name a few. Solar energy use has grown enormously in the last 15 years, thanks to these incentives. Reach out to your local solar panel installer today to discover more about the various programs and to save the most money possible on a solar system for your Struthers home.
EcoWatch's Struthers, OH Solar Incentives FAQs
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