2023 Solar Incentives Guide for Wapakoneta, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wapakoneta.
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 Wapakoneta solar installers to see how much you can save.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Wapakoneta?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Dayton Power and Light - Residential Energy Efficiency Rebate Program
Air Conditioning: $100 - $150, varies by efficiency and equipment application
Air Source Heat Pump: $150 - $250, varies by efficiency and equipment application
Geothermal Heat Pump: $800 - $1,000, varies by efficiency and equipment application
Heat Pump Water Heaters: $400
Airlfow/Climate Control
WiFi Thermostat: $20-$30
Smart Thermostat: $75
Air Insulation & Sealing: Up to $650, must be through approved contractors
Appliance Recycling: $50
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. Solar incentives could include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Ohio and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you've signed a net metering agreement with your Wapakoneta utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other places you might get refunded a percentage of the value.
- Tax Exemptions: Your solar system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when you are calculating property taxes on your house.
- Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar panels. These could be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives are usually handled by your state government. Once your solar system meets a predetermined threshold (generally a small amount of energy production), you can receive SRECs that can then be sold to your utility company or other buyers. The money you receive from the sale is generally considered part of your taxable income.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
When people think of solar incentives, federal incentives might be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a certain percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost — for panels, equipment, accessories and labor — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Speaking with your local Wapakoneta solar panel installer is the best way to understand how the ITC applies to your situation.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit extends until 2035. American homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This new credit will then decrease annually until the date of expiration. The expansion to the program also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Wapakoneta solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Rebates, tax credits and more might be provided at multiple levels. On top of federal solar incentives, there are often state and local ones as well. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives could come from your county or municipality, or from the Ohio government.
Next Steps for Installing Solar in Wapakoneta
You can apply for solar incentives from the Ohio government and the federal government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. It is a good idea to talk to your local Wapakoneta solar installation company for more information about these incentives and to ensure that you're getting the most money possible for your solar panels.
EcoWatch's Wapakoneta, OH Solar Incentives FAQs
What if I am planning to add a solar system to a vacation home, rental property or commercial property? Do I still qualify for incentives?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences will fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to best understand what incentives apply to your specific situation.
How can I find out if I qualify for certain solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the Ohio government or by your county/municipality, sometimes have additional qualifications. Talk to your local Wapakoneta solar installer to discover what incentives your project may qualify for.
My home already has solar panels. Do I qualify for any incentives?
You should plan to talk to a representative from the company that installed your system — or reach out to a local Wapakoneta solar installer — to learn about which incentives you may 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 systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are the top solar panel installation companies near me?
To discover the top solar panel installers near you, read our article on the top solar companies in Wapakoneta.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can get?
With the passage of the new Inflation Reduction Act, there are a number of new financial incentives for making eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
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.