The state of Ohio offers a number very enticing solar incentives that not only make the cost of solar less, but can also lead to you making money. Although there are no statewide Ohio tax credits or rebates for solar, Ohio does offer substantial solar renewable energy credits (SRECs) and a net metering program. Plus, there is the 26% Federal Tax Credit (ITC) available through 2020.
On top of the fantastic SREC and net metering programs in Ohio, there are more incentives for installing solar in Ohio. All these great incentives are a major reason why there has already been over 282 megawatts (MW) of solar installed in Ohio.
The Buckeye State has a plan to have at least 12.5% of its total energy come from renewable sources by 2027. To achieve this important goal, they will actually pay you for the solar energy you produce. The payments are known as renewable energy credits. For every megawatt hour (MWh) of electricity your panels produce you receive one credit, which can be sold for around $15. So, a 10kW system would make you about an extra $150 a year!
The Energy Conservation for Ohioians Program (ECO-Link) provides better financing terms for solar energy systems specifically. If you apply for the program you could get up to a 3 percent interest rate reduction on on your solar financing loans, for up to 7 years.
Ohio Net Metering allows you to earn credits on your electric bill on days when your system produces more energy than you use. You can then use those credits on days when your system produces less than what you need (can happen in wintertime some). Customers of Duke Energy in Ohio can take advantage of one of the best Ohio net metering policies.
The Federal Solar Tax Credit is 26% for 2020, but it is scheduled to decrease. The 2021 solar ITC will credit 22% of the cost of your solar energy system from your federal taxes.
On Jan. 1, 2022, the ITC for residential solar installations is scheduled to drop to 10%. After that, the ITC sunsets and is scheduled to disappear after 2022 (but will remain at 10% for commercial installs).
MOXIE is one of the largest solar installation companies in the country. We’ll work with you to create a complete solar system that is affordable, sustainable and dependable.