Going solar is an amazing advantage for people in Ohio. The Solar Renewable Energy Certificate (SREC) program and all the utilities offering net metering - wherein they credit consumers for the excess solar energy they produce - makes solar a win for the customers. There’s also the added 30% federal tax credit for any solar system installed by the end of 2019, which means that going solar now is a high priority.
Solar Panels in Ohio
Let’s start with some facts about solar panels in Ohio:
- The average cost of a 5kW solar system in 2019: $3.54/watt, and the net cost is $12,390
- Average financed cost per month: $90 (with 0$ down)
- Average payback time: 8 years, 10 months
- Average lifetime savings: $25,408
- Leveled cost of solar energy: 8¢/kWh
These are the basics of what solar panels in Ohio have to offer. There are also rebates, solar tax credits, and other solar incentives that make going solar in Ohio a good choice. Let’s talk about these added advantages:
Rebates: The better the rebates, the higher the grade. For new solar system buyers, some state legislatures provide a rebate that is a lump payment back to you. You can also discuss this with your solar providers who will take off the charges from overall installations and handle the paperwork for you.
Solar Tax Credits: Ohio doesn’t offer any solar tax credits at the moment. But solar panel installation still qualifies you for the federal government’s 30% tax credit.
Performance Payments: Ohio stands at the 13th position for best solar performance payments. Performance payments reward homeowners for the electricity their panels produce on an ongoing basis. Ohio offers performance incentives on solar power production by building Solar Renewable Energy Credits (SRECS) directly into the state’s RPS.
Property Exemptions: The value of your property goes up when you install solar panels. This is applicable to both residential and commercial buildings for some cities while others *may receive only one of these bonuses.
Sales Tax Exemption: This means that you’ll save 5.75% on the purchase of a new solar system. All the more reasons to go solar in Ohio.
Solar panels in Ohio are progressing and Ohio is considered an emerging state solar-wise. You can still get in touch with us at Yellow Lite to understand more about your solar needs or check out our solar calculator to find out if solar is right for you.