Ohio homeowners looking into installing solar panels as a way to potentially save on electric bills have likely done some research on ways it can potentially save money. Along with the federal solar tax credit potentially coming into play as part of the process of buying and installing solar panels, a process called net metering may offer additional savings for homeowners after installation. Let’s focus on how Ohio’s net metering policies operate and what you could gain from participating.
What Is Net Metering?
Some days your solar panels may produce more electricity than your home requires to run. What you do with this excess electricity can vary! You could choose to store this electricity in a battery backup system for later use overnight, during power outages or when you need just a little extra electricity to power your home on cloudy days.
There is another option, though: You could send this electricity back to the grid for credit on future electric bills. This process is called net metering, and with it, you could potentially save even more on monthly electric bills.1
Net Metering In Ohio
In Ohio, net metering is currently guaranteed by investor-owned utility companies only. Though there are other utility companies in the state, including municipal utilities like the City of Cleveland, they are not required to have net metering. But that doesn’t mean utility companies that aren’t strictly investor-owned won’t have net metering available. It’s worth getting in touch with your utility company to find out if they offer net metering.
Ohio’s deregulated energy market means that competitive retail electric service providers (CRES) are available as an alternative to larger utility companies. These CRES providers will have their own net metering policies in place with potentially different rates for compensating your excess solar electricity.
Ohio energy consumption does not dictate a cap on statewide net metering generation, which means you’re able to send as much excess solar energy as you have. Of course, that does depend on your individual utility company or CRES provider’s policy.
Solar’s Future Is Bright For Ohioans
With the multiple options that may be available for Ohioans interested in participating in net metering, there are many ways to find even more potential cost savings by going solar. Your local Pink Energy team of experts can answer any questions you might have about the process of adding solar panels to your home, as well as address how these panels can decrease your home’s carbon footprint. Contact us today for a free quote on a custom solar panel system that could potentially help you save thousands over time on utility bills!