Ohio homeowners who are interested in solar power systems should be aware of the available tax credits, rebates, and other incentives. You may find that solar panel installation is more affordable than you thought thanks to these incentives. Also, be sure to check your homeowners' association (HOA) restrictions.
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 known net metering. This is one the most appealing benefits of solar systems. It allows owners to return excess power to the utility free of charge. Net metering has one major drawback. It is expensive to install a solar system. But, net metering can save you lots of money over the lifetime of your panels.
Tax credits
If you're a resident of Ohio, you can apply for tax credits to install solar panels. These are payments that can lower the cost of installing solar energy system. These credits are not deducted from your income but given to you directly. These credits are applicable to a primary residence or vacation home as well as new construction. These credits will reduce the cost to install solar panels and other equipment. These credits are eligible in Ohio for primary and vacation homes.
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 was recently introduced in Ohio. It could have made this change. If the bill passes, homeowners associations would be prohibited from restricting solar panel installation. HOAs would be prohibited from placing unreasonable restrictions upon solar panel placement. But the bill's effectiveness is far from certain. HOA regulations' future may hinge on how HOAs deal with the increasing demand for greener homes.
Off-grid solar panels
While off-grid panels for solar energy are legal in Ohio there are some things that you need to know before installing one. For one, Ohio's state laws require utilities to give credits for excess solar energy. Solar Renewable Energy Credits are a program that allows residents of Ohio to earn credits for solar energy surplus. 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.