Ohio is one of the best places to invest in solar energy. By installing solar panels on your home, you’ll be eligible for a ton of state incentive programs as well as federal tax credits.
Just as importantly, you can increase the value of your home, reduce your energy costs, and help save the planet. For example, did you know that we’re running out of fossil fuels? Even if we weren’t, burning them for energy is terrible for the environment.
But is going solar really worth it? Keep reading to learn more about why you should invest in Ohio solar.
Federal Tax Credits
Residents of all states can enjoy federal tax credits. This is because the federal government recognizes our need to work with solar energy companies and other renewable energy industries to reduce our consumption of fossil fuels.
If you install solar panels in the year 2022, you will receive a federal solar tax credit covering up to 26% of your installation costs. This is a valuable perk. If you pay $20,000 for a whole-house solar system, you could get up to $5,200 back.
When you invest in Ohio solar energy, you don’t necessarily have to get off the grid. In fact, it may be better to stay connected.
Through Ohio’s net metering program, you can sell unused energy you create back to the power companies. You’ll receive energy credits in return which you can use to pay your energy bill.
If you collect energy credits, you can use them to pay for city or county power during periods of low sunlight. During cloudy days and winter months, there may not be enough available sunlight to fully power your home’s solar system.
Next, let’s talk about Columbus solar renewable energy certificates or SRECs. Ohio aims to produce 12.5% of its electricity via renewable energy sources by the year 2027.
As an extra incentive for homeowners, the state is willing to pay them for each megawatt-hour of solar energy they produce. In 2021, these SRECs sold for $10 apiece. While this isn’t crazy money by any means, it’s a nice bonus on top of the thousands of dollars you’re saving by producing your own energy.
One of the more unique incentive programs for Ohio is the state-sponsored interest rate reductions. This program makes it easier for homeowners to finance solar energy systems.
Homeowners who use financing to install Ohio solar on their homes will receive a 3% reduction on their interest rates for up to seven years. This will help them save hundreds, if not thousands of dollars over the life of the loan.
Are You Thinking About Investing in Ohio Solar?
Clearly, there are a lot of good reasons to switch your home to solar energy this year. Going solar in Columbus can save you a lot of money, earn you cashback rewards, and even increase the value of your home. Are you ready to invest in Ohio solar?
For more energy-saving tips and financial advice, check out some of our other articles. Our blog was created to help homeowners like you improve everything about their lives.