Ohio homeowners interested in solar power systems need to be aware of tax credits, rebates and other incentives. You may find that solar panel installation is more affordable than you thought thanks to these incentives. Additionally, your homeowners' association may impose restrictions.
Cost of solar panels in Ohio
The excess electricity generated by a solar system can be sold to the grid. The utility company compensates this energy at retail rates. This is called net metering. This is one of many benefits of solar panels. It allows owners of excess power to give it back to the utility at no cost. The downside to net metering is its high cost installation. But, net metering can save you lots of money over the lifetime of your panels.
Tax credits
You can apply for tax credits for solar panels in Ohio if you are a resident of the state. These are tax credits that can help reduce the cost for installing solar energy systems. These credits are granted directly to you and not deducted from any taxable income. These credits are applicable to a primary residence or vacation home as well as new construction. They will reduce the cost of your solar panels and other equipment. These credits are available in Ohio if you own a primary or vacation home.
Rebates
You can find many types of rebates if you are interested in installing solar panel systems on your home. Ohio doesn't have a solar tax incentive but it does have an SREC Market, which allows energy producers sell and earn credits that are very similar to stocks. This can be an excellent way each year to get a rebate. This is especially true in Ohio, which has a goal for more than 12% renewable electricity.
HOA restrictions
Despite rising public awareness, some community associations still impose restrictive solar panel rules. In Ohio, a recently proposed law called House Bill 20 may have changed that. The bill, if passed, would make it illegal for homeowners associations or to restrict solar panel installations. HOAs are prohibited from placing unreasonable restrictions regarding solar panel placement. The bill's success is uncertain. HOA regulations will likely change depending on how HOAs respond in the face of growing demand for greener housing.
Off-grid solar panels
Although off-grid rooftop solar panels in Ohio may be legal, there's a few things you need to keep in mind before installing one. For one, Ohio's state laws require utilities to give credits for excess solar energy. A program called Solar Renewable Energy Credits is also available in Ohio. This allows residents to get credits for excess solar energy. The incentive amount is small and Ohio has less sunlight so solar systems in Ohio will produce less energy than those in sunnier states.