Ohio homeowners who are interested installing solar power systems must be aware of available tax credits and rebates. You may find that solar panel installation is more affordable than you thought thanks to these incentives. Moreover, you should also be aware of any restrictions imposed by your homeowners' association (HOA).
Solar panels cost in Ohio
A solar system generates excess electricity that can then be sold to power grids. This excess electricity is paid by the utility company at retail rate. This is called 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. Net metering comes with a few drawbacks. However, in the long run, it can save you a lot of money over the life 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 payments that can lower the cost of installing solar energy system. These credits are given directly to you instead of being deducted from your taxable income. These credits are available for your primary residence, vacation house, and new construction. These credits can be used to reduce the cost for solar panels or other equipment. These credits are eligible in Ohio for primary and vacation homes.
Rebates
If you are thinking about installing solar panels on your home, you should know that there are many different types of rebates available. 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 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 proposed Ohio law, may change that. If the bill is passed, it would make it illegal to allow homeowners associations to limit solar panel installation. HOAs cannot impose unreasonable restrictions on the placement of solar panels. But the bill's effectiveness is far from certain. How HOAs respond to growing demand for greener houses may determine the future of HOA regulations.
Off-grid solar panels
Off-grid solar panel installation in Ohio is legal. However, there are some things you should consider before installing 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 in Ohio is very low and solar systems that are installed in Ohio won't produce as much electricity as those found in sunnier places.