One big reason Columbus homeowners are adding solar panels to their homes is the financial payoffs they may see over time. In addition to the savings you could see over the years with solar panels, there are tax incentives in place to entice Ohio residents to use more clean renewable energy sources. Thanks to these, you could potentially see even more financial benefits from solar panels. Keep reading to find out how to take full advantage of the opportunities available to you with solar tax credits and benefits in Columbus.
Federal Solar Tax Credit
The federal government has instituted a tax credit worth up to 26% on the cost of a residential solar system installation through 2022. This number goes down to 22% in 2023 and isn’t available after 2023 for residential solar energy systems in any capacity, so it’s worth installing solar panels sooner rather than later! Those homeowners qualifying for the credit must purchase their solar panel systems with either cash or a loan.
Solar Renewable Energy Certificates
Ohio has issued solar renewable energy certificates (or SRECs) as part of its initiative to generate 8.5% of its electricity from renewable sources by 2026. For every megawatt-hour of electricity your solar panels generate, you’ll receive one SREC you can sell off! This is a great way to find a return on your initial investment.
Your solar panels may sometimes produce more electricity than your home requires, especially during the summer months. You can put this excess electricity to good use thanks to Ohio’s net metering policy! Net metering is the process of sending this excess electricity from your panels back to the grid, and you can earn credits to apply to your electric bills in return. With this, you could save even more on your electric bills than the potential savings your solar panels alone provide. Combine net metering and SRECs, and you have the potential for outstanding electric savings over time thanks to your solar panels.
Explore The Possibilities With Pink Energy
Our local Columbus team of solar representatives are experts in both solar power and the opportunities that are available to homeowners interested in going solar. We have the knowledge you need to make adding solar panels to your home an easy, seamless experience. Contact us today to learn more about how to maximize your potential savings with solar — we’d love to talk!