Ohio: the land of eight U.S. presidents, the Rock and Roll Hall of Fame, and a burgeoning solar industry. Ohio’s simultaneously sensible and daring personality means many Ohioans are interested in the opportunities presented by solar energy. If you are one of these enterprising folks and are hoping to learn more about the policies supporting solar in Ohio, you are in the right place.
The best way to compare your solar options and save money at the same time is by registering on the EnergySage Marketplace. When you compare quotes for solar panels on EnergySage's competitive solar marketplace, you can expect to see prices up to 20% lower than working with a single solar company. Read our updated article on the cost of solar panels to compare solar costs across states and by panel brand.
The best solar Ohio solar tax credits, rebates and programs
Ohio has a few incentives to help you go solar: one that pays you for the electricity your panels generate, one that rewards you for that electricity’s clean characteristics, and one to help you finance your new solar energy system.
Solar Renewable Energy Certificates (SRECs)
Ohio has committed to producing 12.5 percent of its electricity from renewable resources by 2027. In order to achieve this, the state uses solar renewable energy certificates (SRECs). For each megawatt hour (MWh) of electricity your solar panels produce, you will be granted one SREC that you can sell for extra cash. In 2021, these certificates sold for about $10, menaing an 8 kilowatt system that produces 8 MWh a year could earn you an extra $80 annually.
State-sponsored interest rate reductions
The state has also created the Energy Conservation for Ohioans (ECO-Link) Program to make it less expensive for you to finance your solar energy system. All you have to do is successfully apply for the program and you will receive up to a 3 percent interest rate reduction on your bank loans, for up to seven years.
Other incentives available in Ohio
Net metering in Ohio
Your solar panels will often produce more electricity than you need, but thanks to Ohio’s net metering policy, you will be able to sell this back to the grid in exchange for credits on your utility bill. When you need more electricity than your panels are producing, you can use those credits instead of buying electricity from your utility. Duke Energy offers the top utility net metering program in Ohio.
The federal solar tax credit
Don’t forget about federal solar incentives! With the investment tax credit (ITC), now referred to as the Residential Clean Energy Credit for residential systems, you can reduce the cost of your PV solar energy system by 30 percent. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or a solar loan), and that you must have enough income for the tax credit to be meaningful (unless you’re a tax-exempt entity, in which case you might be eligible for a direct payment).
