Ohio homeowners interested to install solar power systems in their homes should be aware that there are tax credits, rebates, as well as other incentives. These incentives can make installing solar panels easier than you might think. Moreover, you should also be aware of any restrictions imposed by your homeowners' association (HOA).
Ohio Solar Panels Cost
Solar systems produce excess electricity which can be sold back to the utility grid. This excess electricity is paid by the utility company at retail rate. This is known net metering. This is one benefit of solar systems that owners love. They can give their excess power back free to the utility. The main disadvantage of net metering is the high initial cost of installing a solar system. It will save you money over the lifespan of your panels.
Tax credits
If you're a resident of Ohio, you can apply for tax credits to install solar panels. These tax credits are payments that can reduce the cost to install solar energy systems. These credits can be used directly, rather than being taken from your taxable income. These credits are available on a primary residence, vacation home, and new construction. They will reduce the cost of your solar panels and other equipment. You can apply for these credits in Ohio if the primary residence or vacation property is yours.
Rebates
You should be aware that there are many types of rebates for solar panels. Ohio doesn't offer a specific tax incentive for solar energy, but it does offer an SREC market that allows energy producers and investors to trade and earn credits. These credits are similar to stocks. This is a great way to receive a rebate every year. This is especially important since Ohio has set a goal of creating more than 12 percent renewable energy.
HOA restrictions
Despite increasing public awareness, some community associations still enforce strict solar panel rules. House Bill 20, a recently introduced Ohio law, could have changed this. The bill, if passed, would make it illegal for homeowners associations or to restrict solar panel installations. HOAs would be prohibited from placing unreasonable restrictions upon solar panel placement. But, the bill's efficacy is not certain. How HOAs respond to growing demand for greener houses may determine the future of HOA regulations.
Off-grid solar panels
Although off-grid solar panels are legal in Ohio, there are important things to remember before you install one. Ohio's state laws require that utilities provide credit for any excess solar energy. The state also has a program called Solar Renewable Energy Credits, which allows residents to earn credits for surplus 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.