Ohio Solar Incentives: What You Need to Know
Is it worth it to install solar panels on your home in Ohio?
This is a question many homeowners find themselves asking. If you’re observant, you’ve probably noticed a growing number of solar panels appearing on homes and businesses in your hometown.
Clearly, there’s something to this green energy movement. But with the costs of solar power installation, what reason do you have to make the transition?
Do you know about the Ohio solar incentives? If not, we can help educate you on the topic. Keep reading for some impressive solar power incentives available to Ohio homeowners.
Increased Home Values
First, equipping your home with solar energy is a major selling point for potential buyers. As such, a solar panel installation can add a significant amount of value to your home.
If you don’t have plans to sell your home anytime soon, the added equity can still benefit you. You can use it to refinance your home for better rates or to take out a HELOC to fund other home improvement projects.
One of the best Ohio solar incentives revolve around something called net metering. Many homeowners who install solar panels on their homes don’t go completely off-grid. Their house remains connected to city or county power.
However, during the months that your solar energy system harnesses more power than you use, you can sell that energy back to the power company for energy credits. On days that are overcast or during the winter when the sun produces less usable energy, you can use those credits to supplement your solar system for free.
Solar Renewable Energy Certificates
Ohio is one of the states in America that is striving to be more eco-friendly. In an attempt to promote green energy, Ohio solar incentives include solar renewable energy certificates (SRECs).
The way this program works is by rewarding homeowners who use solar energy with cash. For every megawatt-hour of electricity your produce, you are granted an SREC, which can be sold for varying amounts. Check out https://blueravensolar.com/state-ohio/ to learn more about the amount of energy you’ll be able to produce with your solar panels.
Federal Tax Incentives
Lastly, let’s talk about federal solar power incentives that extend to Ohio residents. Currently, homeowners who invest in solar power for their homes are eligible for incredible tax credits.
By claiming your solar energy installation costs on your next tax return, you can recoup up to 26% of your expenses. If you go all-out and spend $20,000 on your system, Uncle Sam will, essentially, cover $5,200 of your costs.
To ensure you received the maximum amount of benefits, we recommend working with a professional accountant to help you file your taxes. Additionally, be sure to keep all your receipts and documents related to your solar energy installation.
Ready to Receive Valuable Ohio Solar Incentives?
Have you been on the fence about making the switch to solar? If so, it’s totally understandable. Hopefully, learning about all of the Ohio solar incentives has helped put your mind at ease.
Aside from helping save the planet, you’ll also be saving and earning money. What’s not to like?
And if you’re looking for more home improvement advice or tips on living a more sustainable lifestyle, stick around. Check out some of our other blog articles to find more information that will benefit your life.