Ohio Solar Incentives 2024
Ohio is a state that is known for its natural beauty and abundance of resources. With its vast stretches of farmland and rolling hills, it is no wonder that many residents of the Buckeye State are looking to harness the power of the sun to generate clean, renewable energy. One of the ways that Ohio residents are doing this is through the use of solar incentives.
These incentives are designed to make it easier and more affordable for individuals and businesses to install solar panels on their property and start generating their own electricity.
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Ohio Renewable Energy Standard (RES)
The first type of solar incentive that is available in Ohio is the state's renewable energy standard. This standard requires that a certain percentage of the state's electricity come from renewable sources by a specific date. This requirement is helping to drive the growth of the solar industry in Ohio, as more and more residents and businesses are installing solar panels to meet this standard.
Ohio Net Metering Program
Another type of solar incentive that is available in Ohio is the state's net metering program. This program allows residents and businesses that generate their own electricity with solar panels to sell any excess electricity back to the grid. This means that if a homeowner generates more electricity than they need, they can sell that electricity to their utility company and receive a credit on their utility bill. This can help to offset the cost of installing solar panels and make it more affordable for residents to go solar.
Solar Investment Tax Credit (ITC)
In addition to these state-level incentives, there are also federal tax incentives available to residents and businesses that install solar panels. The most well-known of these incentives is the Investment Tax Credit (ITC), which allows homeowners and businesses to claim a credit of 30% of the cost of their solar installation on their federal taxes. This can significantly reduce the overall cost of going solar and make it more affordable for many residents and businesses.
OH Commercial Building Solar Incentives
Another federal incentive that is available for solar installations is the Energy Efficient Commercial Buildings Tax Deduction (179D). This incentive allows businesses to claim a deduction of up to $1.80 per square foot for energy-efficient improvements to their commercial buildings, including solar panel installations. This can help businesses to save money on their taxes and make it more affordable for them to install solar panels and generate their own electricity.
Other Rebates & Programs In Ohio
In addition to these incentives, there are also local programs and rebates available in Ohio that can help residents and businesses to save money on their solar installations. For example, many local utilities offer rebates to customers who install solar panels on their property. These rebates can help to offset the cost of the installation and make it more affordable for residents and businesses to go solar.
In conclusion, there are many solar incentives available in Ohio that can help residents and businesses to save money on their solar installations. These incentives include the state's renewable energy standard and net metering program, as well as federal tax incentives and local programs and rebates. By taking advantage of these incentives, residents and businesses can make it more affordable to install solar panels on their property and start generating their own clean, renewable energy. With these incentives, Ohio is a great state to consider for those interested in going solar.
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