Ohio Solar Incentives for Homeowners 2023 is one of the hottest topics we cover with new clients. Ohio is an excellent residential state for anyone interested in investing in solar energy. Not only are there various incentives available to Ohioans, but the economics of solar vs. utility energy in Ohio almost always has solar in the lead. In this blog post, we’ll take a look at the different incentives Ohio has to offer to those who are interested in investing in solar energy.
Take Advantage of Solar Net Metering in Ohio
Ohio has a net metering program available to residential solar energy customers.
Think of it this way: through net metering, you treat the grid like a BIG battery. You store energy in the grid when you produce more than you need, and take energy from the grid when you aren’t producing solar.
Net-metering allows you to stockpile the energy you make in the electric grid in the form of credits.
When you “stockpile” energy like this, your excess solar powers your neighbors’ homes, helping them reap some of the benefits of onsite, direct solar energy. Per The State of Ohio’s Public Utilities Commission, the utility must credit you for the energy you produced and send along. These credits appear on your monthly electric bill and roll over month to month.
If you’ve lived in Ohio for a while, I’m sure you can imagine which seasons have better solar returns. This is when net-metering really comes into play. Your solar system generates most of the energy you’ll need for the year during the sunny months. An experienced solar installer will design your system big enough that you bank up a bunch of credits to use during the cloudier winter months, when your solar system isn’t producing as much.
One drawback of net-metering? You can only produce up to 120% of what you consume annually, and if you produce more than that, it jeopardizes your agreement with your utility for net metering. So, working with an experienced installer who understands how to maximize the benefits available through net metering is essential.
In summary, net metering allows customers to receive credit for any excess energy their solar system produces and sends back to the grid. This credit can then be applied to future energy bills, reducing costs for the customer.
Are you eligible for the solar investment tax credit?
If you pay federal taxes, you’re eligible for the solar investment tax credit (ITC). This tax credit is a solar incentive available through the federal government that allows you to take 30% of what you paid for solar from the federal taxes you owe.
This incentive is available to residential solar energy customers in Ohio and can help reduce the cost of purchasing and installing a solar energy system.
Paying for the solar system – understanding loan options
For some people having a low energy payment is the priority. For others, they want the best deal on the lump sum they pay for their solar system. In both cases, loan options are available to help you meet your goals.
Solar loans have become mainstream in the past five years, making solar accessible to even more homeowners across Ohio. Solar loan programs are designed to help those interested in purchasing a solar energy system to finance the purchase.
Selling Your Home With Solar
Solar increases home value!
According to a 2020 report by Zillow, homes with solar sell for 4% more. This increase in value is due to the potential cost savings of electricity that solar panels can provide.
Solar panels are becoming increasingly popular, making them an attractive feature to potential buyers. Ultimately, the amount of value a solar installation adds to your home will depend on the size and quality of the system and the local market.
When a new homeowner moves into one of our installations, we often work with the new homeowners. They’re often excited by the new technology and eager to reap the benefits of a free utility!
Ohio Solar Incentives for Homeowners in 2023
Overall, Ohio is a great state for those interested in investing in solar energy.
As much as we wish the advertisements online were true, there are no Ohio incentives for free solar. If there were, we would lead with that.
Be wary of any solar company who leads with “No Cost” or “Free Solar” in their advertising. In our experience, we know these installers don’t have your best interests in mind. And we’ve seen their deceptive advertising tactics have a negative effect on our communities and occasionally take the installer down themselves.
Ohio Solar Incentives for Homeowners
We hope this blog post has provided some helpful information about the different solar incentives available in Ohio.
We would love to help you understand your energy goals better.
Our Solar Consultants have a consultative style and are always here to work with you to evaluate if solar is a good option for you (or not!). When you’re ready to learn more from one of our experienced team, reach out!