Solar Panel Tax Credit, Ohio: What You Need to Know

Solar Panel Tax Credit, Ohio: What You Need to Know

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Did you know that more than 2 million households across the United States of America have solar panels up and running for their energy needs? Solar energy is a wonderful way to get all of your home's energy needs with minimal investment and no harm to the environment. The benefits of the solar panel are so monumental that the government offers a tax credit to homes with solar panels.

There are many things to know when it comes to the solar panel tax credit Ohio, and you need to understand the benefits that the solar tax credit offers before making a decision on solar. The good news is that you've come to the perfect place to learn all about the solar energy tax credit that your state government offers in addition to the federal government solar incentive.

Keep reading this article to learn more today!

Federal Solar Panel Tax Credit

The first tax credit that you're eligible for when it comes to solar panels in Ohio is the tax credit through the federal government. This solar credit is the one that has the biggest impact on your finances. It is often referred to as the ITC, which stands for the investment tax credit.

Investing in solar panels for your home's energy needs will help you get up to 26 percent back on the cost of your home's solar energy system. That tax credit covers everything from the equipment to the labor and permits required. If you get your solar energy system installed then more than a quarter of the cost goes back into your bank account.

Net Energy Metering

Another big incentive when it comes to the solar panel tax credit Ohio is net energy metering. One of the many benefits of getting solar panels is the ability to produce and harvest energy from the sun. If you're harvesting more energy than you need then you're setting yourself up for a surplus.

Net metering is an effective way of creating a passive income with your solar panels if your surplus energy amounts are high enough. You'll need to hook up to the electrical grid so the energy company can monitor how much electricity you're producing.

In the past, Ohio's net metering policy was one of the strongest. They've stepped back a bit with how much money you get back but it is still worth it to sell your surplus energy to the electrical company. The typical rate is around 5 cents per kilowatt that you sell to an electrical company in the state of Ohio.

If you plan on making money off of net energy metering then make sure that you measure how much electricity your household uses and invest in enough solar panels to bring in a consistent surplus. The best thing about Ohio's net metering policy is the ability to request a check from the electric company for each year's credit from surplus energy.

Ohio Solar Panel Rebates

Ohio is a state that doesn't have a rebate dedicated to solar panels as of 2022. Still, there are solar panel manufacturers that offer rebates of their own that you can take advantage of. LG is a brand that offers you a $600 rebate if you choose to use their solar equipment.

You can also talk to solar companies like Blue Raven Solar about your options when it comes to discounts and promotions that are on offer. Every bit of money that you can save makes a difference, and it can't hurt to ask.

Tax Exemptions

Depending on where you live, you could also be eligible for tax exemptions in the state of Ohio. Cities like Cincinnati and Cleveland offer tax exemptions on your local taxes if you have solar panels at your home. The value of your home is going to increase by a nice margin when you install a solar energy system.

These two large cities in Ohio allow you to keep the difference between what the home value was before solar energy and what it is now. If you don't live in Cincinnati or Cleveland then you're out of luck with this solar tax credit.

Benefits of Solar Panels in Ohio

There are a number of benefits that come with getting solar panels in the state of Ohio. You've already learned about the solar tax credit as well as the potential rebates that you'll get from solar manufacturers. There are other important benefits that you need to understand when you choose to get a solar panel installation.

Long-Term Stability

The price of energy is going up as the resources to produce it are dwindling. The electric companies are reliant on some combination of coal, oil, and water in order to meet the energy needs of the United States. Choosing to get solar panels makes you independent from those escalating energy bills.

No matter what happens to the energy companies, you have a reliable and sustainable source of electricity and energy for your home. You'll have peace of mind and protection no matter how high electrical prices rise over the coming years.

Boost Your Home Value

Many people love the idea of green living and having a sustainable home. The task of designing and installing a solar panel installation is daunting to some people, which means finding a house with one installed holds some extra value to them.

Getting solar panels installed at your home will increase the value of your property which boosts your equity. It is also great if you reach a point in the future where you wish to sell your home and move somewhere else. You'll get a lot more money on the open market for your home and it will sell much faster if you have solar panels installed and running.

Save Money

In addition to saving money with the solar panel tax credit Ohio, you'll have a number of ways to save money with your solar panels. As soon as your solar panels go online and start collecting energy from the sun you'll start saving money on your energy bills.

You don't need to put much money down in order to get a solar energy system, which means you can start saving on your energy needs without needing to break the bank.

Solar Panel Tax Credit Ohio

As mentioned earlier in this article, there are tons of great options out there when you look at the tax credit for solar and the rebates that are available. The heftiest solar tax credit that you can get comes from the federal government and it will take out more than a quarter of what you owe on your solar panels.

There are also a number of rebate programs and promotions that will help you cover the costs of getting the solar panels installed and handling all of the permits. There are many ways in which homeowners win in Ohio when they choose to invest in solar energy and the future.

Guaranteed Energy

Many solar energy companies offer impressive warranties that will give you peace of mind for decades about your solar panels. Solar panels are more robust than many people realize. They have the ability to stand up to the worst that Mother Nature can throw their way.

Even with that robustness in mind, solar energy companies often offer warranty coverage that lasts up to 25 years. That means that if anything goes wrong with your solar energy system over the next 25 years, the solar company will come out and fix the panels and system for free.

With the right maintenance and care, you can expect to continue collecting energy from the sun for 40 years after your solar panels get installed. It is a great investment for the future when you choose to take advantage of the solar tax credit.

Helps the Environment

A big reason why many homeowners are turning to solar energy is to help the environment. Nuclear and hydropower plants use a ton of water to produce electricity, while other power plants use coal or oil to generate electricity. Each of these options has a big negative impact on the environment.

You'll find that you do a ton to reduce your carbon footprint by making the move to solar energy. You also reduce your dependence and usage when it comes to fossil fuels and the harm that they cause the environment.

Your household will decrease the amount of carbon dioxide in the atmosphere by 100,000 pounds during the first 20 years of having your solar panels up and running. That amounts to driving a car 100,000 miles, which means that you're mak9ng a massive difference.

Take Advantage of the Solar Tax Credit Today

There is no better time than now to take advantage of the solar panel tax credit Ohio for your home. You can save a ton of money by getting solar energy all while making a big difference to the environment. You'll reduce your carbon footprint and make money through net metering in the state of Ohio.

For more helpful and informative articles like this one, make sure you check out our blog.

 

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