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. This can make it easier to install solar panels than you may think. Your homeowners' association (HOA), may have restrictions.
Cost of solar panels in Ohio
A solar system generates excess power that can be sold into the utility grid. This energy is compensated by the utility company at retail rates. This is known as 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 can save you money in the long-term, though, as your panels last for many years.
Tax credits
If you're a resident of Ohio, you can apply for tax credits to install solar panels. 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 available on a primary residence, vacation home, and 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. Ohio does not offer any specific incentive for solar panels, but it does have a SREC market. This allows energy producers to earn credits 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 public awareness, many community associations still enforce stringent solar panel rules. In Ohio, a recently proposed law called House Bill 20 may have changed that. If passed, the bill will make it illegal for homeowners to restrict solar panels installation. HOAs cannot impose unreasonable restrictions on the placement of solar panels. But the bill's effectiveness is far from certain. The future of HOA regulations may depend on how HOAs react to the growing demand for greener homes.
Off-grid solar panels
Although off-grid solar panels are legal in Ohio, there are important things to remember before you install one. Ohio state laws require utilities in Ohio to provide credit for excess solar power. A program called Solar Renewable Energy Credits is also available in Ohio. This allows residents to get credits for excess solar energy. However, Ohio has a low incentive amount, which means that solar energy systems installed there will not produce as much energy as those located in sunnier areas.