2024 Solar Incentives Guide for Washington Court House, OH - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Washington Court House?

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

Solar incentives are designed to encourage homeowners to switch to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. Incentives might include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are handled by the Ohio government or by your specific utility company, county or municipality. Categories of solar incentives include:

• Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the government. Tax credits differ from tax deductions.
• Net Metering: Be sure to speak to your Washington Court House utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
• Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives might be available to you if your solar system produces more than a specified (usually small) amount of electricity. This category of incentives is usually handled at the state level. You can sell any SRECs you have to your utility company or other buyers, and the money you make is typically considered part of your taxable income.
• Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions let you ignore the value that your solar panels add when calculating the amount of property tax you need to pay.
• Rebates: Rebates, or partial refunds after a purchase, are typically applied before any solar tax credits are calculated. These rebates can be given by your local utility company, by your county or by your state.

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Federal Solar Incentives

When thinking about solar incentives, federal incentives might be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC provides you with a tax credit for a predetermined percentage of the cost of your solar system.

The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property you own for you to be eligible for the credit. The ITC originally paid out 30% of all costs (panels, accessories, labor and equipment), although this amount has fluctuated over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.

Have questions about how the ITC applies to your specific situation? Get in touch with your local Washington Court House solar panel installer to get more information.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Under the new program, solar installation projects started after January 1, 2022, and completed by the end of 2032, might qualify for a 30% tax credit. The amount of the credit will then decrease slightly each year until the current Clean Energy Credit 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. Your local Washington Court House solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it applies to you.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Washington Court House

There are many kinds of solar incentives: those offered by local utility companies, those provided by the federal government and those provided by the Ohio government, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially due to these incentives. We recommend talking to your local Washington Court House solar installation company for more information about these incentives and to ensure that you're getting the most money possible for your solar system.