2023 Solar Incentives Guide for Sycamore, OH - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Sycamore.

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 Sycamore solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Sycamore?

Hamilton County - Home Improvement Program

Incentive Type:
Loan Program
$50,000

Local Option - Special Energy Improvement Districts

Incentive Type:
PACE Financing
Low-interest, 30-year loan

Energy Conservation for Ohioans (ECO-Link) Program

Incentive Type:
Loan Program
Rate reduction available for up to $50,000 and 7 years of the bank loan

Solar Renewable Energy Certificates Program (SRECs)

Incentive Type:
Solar Renewable Energy Credit Program
SREC prices vary based on market conditions

Duke Energy (Gas & Electric) - Residential Efficiency Rebate Program

Incentive Type:
Rebate Program
Variable Refrigerant Flow HVAC: up to $400
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

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" broadly refers to financial incentives implemented by the government and by solar companies to encourage increased use of renewable energy by making solar panels more affordable. Various kinds of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Certain incentives may be handled by the state of Ohio, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:

  • Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for money that is generally considered part of your taxable income. Generally, a certain (small) threshold of energy production must be met before your solar system can earn SRECs or similar performance-based incentives. These kinds of incentives are generally handled by your state government.
  • Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. These rebates may be given by your local utility company, by your state or by your county.
  • Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Sycamore utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other areas you may get refunded a percentage of the value.
  • Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
  • Tax Exemptions: Your solar panels might qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when calculating property taxes on your house.

Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have some familiarity with. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of the cost of your solar system.

The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost — for panels, accessories, labor and equipment — although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.

Reaching out to your local Sycamore solar panel installation expert is the best way to learn more about how the ITC could apply to your situation.

In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. You can now receive a 30% credit for solar systems installed between 2022 and 2032. The credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. Your local Sycamore solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it may apply to you.

State & Local Solar Incentives

Federal solar incentives are not your only option; rebates, tax credits and more may be offered at the state and local level. These incentives might be provided by your county or municipality, or by the Ohio government. Some incentives may be ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Sycamore

The expanding number of solar incentives available has helped tremendously increase the nationwide adoption of solar energy over the past 15 years. You might qualify for solar incentives from the federal government, the Ohio government or from your local utility company. We recommend talking to your local Sycamore solar installation company for more information about these incentives and to ensure that you're getting the largest number possible for your solar panels.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Sycamore, OH Solar Incentives FAQs

What if I am planning to add a solar system to a rental property, vacation home or commercial property? Can I still qualify for incentives?

Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences will fall into this category. Other solar incentives may be available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to better understand what incentives may apply to your specific situation.

How much can I save annually on my electric bill if I add solar panels to my Sycamore home?

Typically, homeowners in Sycamore who install solar panels save around $654.77 per year, or around $12,440.57 over 20 years after they make the switch.

How long until the federal solar tax credit ends?

The federal solar tax credit, formerly called the ITC and now named the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.

If I change out my appliances for ones that can use solar energy, are there credits that I can claim?

The new Inflation Reduction Act introduces several incentives meant to reward homeowners for making eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.

Can I use a combination of multiple types of renewable energy to power my home?

Yes, you can utilize multiple types of renewable energy to power your home, such as a combination of geothermal and solar. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss the details of your plan with your local Sycamore solar installation expert, so that you understand what you'll need and what kinds of incentives you may or may not qualify for.

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.

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