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. Moreover, you should also be aware of any restrictions imposed by your homeowners' association (HOA).
Ohio Solar Panels Cost
A solar system produces excess electricity that can be sold to the utility grid. This excess energy is sold to the utility company at retail prices. This is known net metering. This is one benefit of solar systems that owners love. They can give their excess power back free to the utility. 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
Ohio residents are eligible to apply for tax credits on solar panels. These credits can be used to reduce the cost of solar energy systems. These credits are paid directly to your account and not taken out of your taxable earnings. These credits are available on a primary residence, vacation home, and new construction. These credits will reduce the cost to install solar panels and other equipment. In Ohio, you can apply for these credits if you have a primary residence or vacation home.
Rebates
There are many types and types of rebates that are available to homeowners who are considering installing 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 can be a great opportunity to get a rebate every single year. This is especially useful since Ohio has a goal to produce more than 12.5% renewable energy.
Restrictions for HOA
Despite growing public awareness, some community organizations still enforce restrictive solar panel rules. House Bill 20 is a recently proposed Ohio law that could change this. 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. The bill's success is uncertain. 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 rooftop solar panels in Ohio may be legal, there's a few things you need to keep in mind before installing one. Ohio's state laws require that utilities provide credit for any 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 is small and Ohio has less sunlight so solar systems in Ohio will produce less energy than those in sunnier states.