Currently, Ohio ranks 24th in the nation regarding solar power implementation, with installations increasing rapidly year after year.
This is largely due to the ever-decreasing cost of solar across the country as well as growing awareness of renewable energy and its benefits. Are you resident in this state and keen to investigate your options for Ohio solar power?
Here’s what you need to know first.
Is Ohio a Good Place for Solar?
Ohio enjoys just 173 sunny, cloudless days per year, but that doesn’t mean it isn’t a great place for solar.
Solar panels work well in these conditions, and you can also benefit from some great incentives and savings from solar power companies in Ohio.
Ohio Solar Power Incentives
The federal ITC is the biggest incentive offered to US homeowners who install a solar power system. Thanks to this, you can deduct 26% of the cost of your installation from your tax return in 2022.
This decreases to 22% in 2023, so that’s another reason to get on board with solar as soon as possible.
You don’t pay sales tax on any solar equipment in Ohio, which helps you pay even less for your solar installation.
In addition, Ohio is on board with SRECs. This system grants you one SREC valued at about $15 for every megawatt-hour of electricity generated by your solar panels.
You can sell these for cash on the open market, usually to utility companies.
Other Ways to Save With Ohio Solar Power
Despite these incentives, solar power in Ohio remains an expensive option for most homeowners, costing from $11,000 for the average-sized system. You can apply for a solar loan to pay for these initial costs if you don’t have the cash to spare.
The Eco-Link (Energy Conservation for Ohioans) program allows you to apply for a 3% reduction on your interest rate when you take out a solar loan.
When you take out a solar loan, you could start to enjoy the benefits of solar power savings within 12 years of your solar power panels’ 20-year lifespan, depending on your regular electricity bill.
In addition to the above savings, Ohio implements statewide net metering. This means you can stay connected to the grid when you install solar and feed any excess electricity generated by your panels back into the grid.
In return, you’ll receive credit for any electricity you use from the grid.
For maximum savings, it’s vital to work with the best local solar company to ensure you install the best solar option for your home or business. A local installer knows all about the local climate and how to get the best deals on solar in your area.
Look on the Bright Side
With Ohio solar power, you can rest assured you’re doing everything you can to help reduce carbon emissions and stall global warming. That means a better future for everyone here on Earth.
The fact that you’ll save a ton of money in the process makes this fact even better.
Would you like to discover more win-win lifestyle tips? Keep browsing our website.