2023 Solar Incentives Guide for Sylvania, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Sylvania.
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 Sylvania?
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/
The phrase "solar incentives" includes a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may be eligible for different types of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Ohio government and others from the federal government. Types of solar incentives might include:
- Net Metering: You may be able to sign a net metering agreement with your Sylvania utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar panels. Property tax exemptions let you ignore the value that your solar panels add when calculating how much property tax you need to pay on your home.
- Solar Renewable Energy Certificate (SREC): Typically, solar systems that produce more than a specified (generally small) amount of electricity qualify for SRECs or other performance-based incentives. SRECs and the like are typically offered at the state level. You can sell SRECs to your utility company or another buyer, and this is usually considered part of your taxable income.
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Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, equipment, labor and accessories — although it 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 Sylvania solar panel installer is the best way to understand how the ITC applies to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now titled the Clean Energy Credit. With the new provisions, solar installation projects begun after January 1, 2022 and finished by December 31, 2032 might qualify for a 30% tax credit. The amount of the credit will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. Your local Sylvania solar panel company can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Like with federal incentives, these can include tax credits, rebates and more. Certain incentives are ongoing, while others are only available for a limited time. Solar incentives may be provided by your county or municipality, or by the Ohio government.
Next Steps for Installing Solar in Sylvania
Solar incentives might be offered by your local utility company, the federal government or the Ohio government. The variety of solar incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. If you're ready to make the change to solar energy, reaching out to your local Sylvania solar panel installation expert is a great first step.
EcoWatch's Sylvania, OH Solar Incentives FAQs
How can I find out if I qualify for certain solar incentives?
It's a good idea to talk to your local Sylvania solar installer to get an understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided at the level of the Ohio government, may have additional requirements.
My home already has solar panels installed. Are there any incentives that I qualify for?
An excellent idea would be to talk to a representative from the company that installed your solar system — or speak to a local Sylvania solar installer — to clarify which incentives you might qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will a solar system save me on my electric bill in Sylvania annually?
After adding solar panels to your house in Sylvania, you can anticipate savings of around $758.25 per year, or around $14,406.77 over the next 20 years.
If I trade in my appliances for ones that use solar energy, are there any incentives that I can claim?
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.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to ensure that you are claiming the correct incentives and getting the most money possible.
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.