2024 Solar Incentives Guide for Turtlecreek, OH - Tax Credits & Rebates

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

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

The term "solar incentives" refers to a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might be eligible for several kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain 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:

• Solar Renewable Energy Certificate (SREC): SRECs can be sold to your utility company (or other buyers) for money that normally counts as part of your taxable income. In most cases, a certain (small) threshold of energy production must be met before your solar system can earn SRECs or similar performance-based incentives. SRECs and similar incentives are normally handled at the state level.
• Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. These are different from tax deductions.
• Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from your total price before tax credits are calculated.
• Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you've signed a net metering agreement with your Turtlecreek utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in others you might receive a refund equivalent to a percentage of the value.
• Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. 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 you are calculating property taxes on your house.

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Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some familiarity with. 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 percentage of your solar system's cost.

The ITC applies to the total cost of solar panel installation, including the panels themselves as well as labor, equipment and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum claim amount.

To understand exactly how much the ITC could save you, talk to your local Turtlecreek solar panel installation expert.

In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit runs until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit; this amount will be decreased slightly each year until the current program ends. Beginning in 2023, it will also be easier to claim credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit might apply to you is to get in touch with your local Turtlecreek solar panel installers.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. Like with federal incentives, these may include tax credits, rebates and more. Incentives might be handled by your county or municipality, or by the state of Ohio. Certain incentives may be available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Turtlecreek

There are many kinds of solar incentives: those offered by local utility companies, those offered by the federal government and those given by the Ohio government, to name a few. The use of solar energy has grown tremendously in the last 15 years, thanks to these incentives. When you're ready to switch over to solar energy, talking to your local Turtlecreek solar panel installation expert is a great first step.