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. You may find that solar panel installation is more affordable than you thought thanks to these incentives. Your homeowners' association (HOA), may have restrictions.
Ohio Solar Panels Cost
A solar system generates excess electricity that can then be sold to power grids. The utility company compensates this energy at retail rates. This is net-metering. This is one of the most popular benefits of solar systems and allows owners to sell their excess power back to the utility for free. The only problem with net metering, however, is the high upfront cost of installing a system. In the long term, however, net metering could save you a lot of cash over the life of your solar panels.
Tax credits
Ohio residents may be eligible for tax credits towards solar panels. These credits can be used to reduce the cost of solar energy systems. These credits can be used directly, rather than being taken from your taxable income. These credits are applicable to a primary residence or vacation home as well as new construction. These credits will lower the cost of solar panels and other equipment. These credits are available in Ohio if you own a primary or vacation home.
Rebates
You should be aware that there are many types of rebates for solar panels. While Ohio has no specific solar tax incentive, it does have an SREC market, which allows energy producers to sell and earn credits, which are similar to stocks. This can be an excellent way to get a rebate each year. This is especially important since Ohio has set a goal of creating more than 12 percent renewable energy.
HOA restrictions
Despite growing public awareness, some community organizations still enforce 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. In addition, the law would prevent HOAs from imposing unreasonable restrictions on solar panel placement. But the bill's effectiveness is far from certain. 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 solar panels are legal in Ohio, there are important things to remember before you install one. One, Ohio state law requires utilities to provide 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.