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

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

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

Solar incentives are intended to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Various types of incentives, like discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be handled by the state of Ohio, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:

• Net Metering: You can sign a net metering contract with your Twinsburg utility company, that 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 Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions let you exclude the added value of your solar system when calculating the amount of property tax you need to pay.
• 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 the total price before tax credits are calculated.
• Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. These are different from tax deductions.
• Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are generally handled at the state level. Once your solar system meets a certain threshold (normally a small amount of energy production), you can receive SRECs that you can then sell to your utility company or other buyers. The money you make from the sale is usually considered part of your taxable income.

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Federal Solar Incentives

When you think about solar incentives, you probably think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.

The ITC originally covered 30% of the total cost of installing a solar system, and has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum amount you can claim. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.

Have questions about how the ITC applies to your specific situation? Get in touch with your local Twinsburg solar panel installation expert to get more information.

The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After 2032, the percentage will see a slight decrease annually until the program expires in 2035. The program expansion also makes it easier to get credit for energy storage systems, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit might apply to you, get in touch with your local Twinsburg solar installation expert.

State & Local Solar Incentives

In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more might be available at a more local level. Incentives might be given by your county or municipality, or by the state of Ohio. Some incentives might only be available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Twinsburg

There are many kinds of solar incentives: those provided by the federal government, those given by the Ohio government and those given by local utility companies, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. It is a good idea to talk to your local Twinsburg solar installation company to learn more about these incentives and to make sure that you're getting all the money you can for your solar system.