2024 Solar Incentives Guide for Norton, OH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Norton.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Norton solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Norton?
Hamilton County - Home Improvement Program
Local Option - Special Energy Improvement Districts
Energy Conservation for Ohioans (ECO-Link) Program
Solar Renewable Energy Certificates Program (SRECs)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to mitigate the cost of installing solar panels on your home. This category of financial incentives is in place to encourage more Americans to switch to renewable energy. These incentives might include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the state of Ohio and some by your utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Your solar panels might qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to ignore the value that solar panels add when you are calculating property taxes on your house.
- Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives might be available to you if your solar system produces over a specified (typically small) amount of electricity. Performance-based incentives are normally handled by the state government. You can sell any SRECs you have to your utility company or other buyers, and the money you receive in return is usually considered part of your taxable income.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Rebates: A rebate is a partial refund given after you've purchased your solar panels. Rebates might be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Net Metering: You may be able to sign a net metering agreement with your Norton utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of your solar system's cost.
The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost – for panels, labor, accessories and equipment – although that amount may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
To more fully understand how the ITC will apply to your situation, speak to your local Norton solar panel installer and request more information.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. American homeowners can now apply for a 30% credit for solar systems that began installation after January 1, 2022, and are completed by the end of 2032. The credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Norton solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Similar to federal incentives, these could include tax credits, rebates and more. Some incentives are ongoing, while others are offered for only a limited time. Your local solar incentives may come from your county or municipality, or from the Ohio government.
Next Steps for Installing Solar in Norton
Solar incentives can be provided by your local utility company, the federal government or the Ohio government. The variety of incentives available has contributed to a large increase in solar energy use in the last 15 years. When you're prepared to make the change to solar energy, reaching out to your local Norton solar panel installation expert is a great first step.
EcoWatch's Norton, OH Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
It's best to speak with your local Norton solar installer for a better understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, like those offered by the government of Ohio, may have additional requirements.
How much will solar panels save me on my electric bill in Norton annually?
Generally, homeowners in Norton who install solar panels save about $708.20 per year, or around $13,455.88 over 20 years after making the switch.
What are the highest-rated solar panel installation companies near me?
To learn about the best solar panel installation companies near you, read our article on the top solar companies in Norton.
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also reduce the CO2 emissions from your home by 400 pounds annually, or roughly 8,000 pounds over 20 years.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of solar panels. Depending on which incentives you are applying for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to confirm that you are claiming incentives correctly and that you're getting the most money possible.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.