2023 Solar Incentives Guide for Wyoming, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wyoming.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Wyoming?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Duke Energy (Gas & Electric) - Residential Efficiency Rebate Program
Central AC or Heat pump: $300-$400
Geothermal Heat Pump: $400
Smart Thermostat: $125
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $300
Duct Sealing: $100
Duct Insulation: $75
Attic Insulation and Air Sealing: $250
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. This category of financial incentives is intended to encourage more people to switch to renewable energy. Solar incentives might include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the Ohio government and some by your utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you exclude the value that your solar panels add when you calculate how much property tax you need to pay on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (A tax credit is different from a tax deduction.)
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have a net metering agreement with your Wyoming utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
- Rebates: Solar rebates can be offered by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after you pay for a solar system and before tax credits are calculated.
- Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce over a threshold (usually small) amount of electricity will qualify for SRECs or other similar performance-based incentives. SRECs and performance-based incentives in general are typically provided by your state government. You can sell SRECs to your utility company or another buyer, and the money you receive is normally considered part of your taxable income.
Federal Solar Incentives
Federal incentives are the type 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 certain percentage of your solar system's cost.
The ITC covers solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. This credit can be claimed on solar panels installed on a primary or secondary residence that you own in the United States. Originally, you could claim 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
To best understand how the ITC may apply to you, get in touch with your local Wyoming solar panel installation expert and ask for more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners can apply for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. The program expansion also makes it easier to get credit for energy storage systems, starting in 2023.
More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit will apply to you, speak with your local Wyoming solar installation expert.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. As with federal incentives, these could include rebates, tax credits and more. Incentives may be offered by the state of Ohio, or by your county or municipality. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Wyoming
You can apply for solar incentives from the federal government and the Ohio government, as well as from your local utility company. The increased availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. Getting in touch with your local Wyoming solar panel installation expert is a great first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Wyoming, OH Solar Incentives FAQs
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