Did you know that as of 2015, home buyers were willing to pay upwards of $15,000 more for a new home with a solar array than a new home without?
That is based on a wide-ranging Lawrence Berkeley National Laboratory study of 43 different real estate markets across the US.
2015 seemed a big year for solar awareness. It was the same year an article was published in the New York Times touting the popularity of solar among home buyers.
Other studies are more recent, like this 2019 Zillow study showing that homes equipped with solar arrays tend to sell 4.1% faster than homes linked only to a traditional utility grid.
Add on over 5 years of inflation, and your solar-equipped home could sell for much more than the 2015 $15,000 premium!
A $15,000 premium or more sounds like quite an enticement. So ask yourself this: If going solar weren't to your benefit, would there be so many enticements to do so? Exactly how many enticements are there, you may wonder?
According the world wide web, there are over a dozen local, state, and federal incentives to go solar in the state of Ohio, and many of these incentives are only extended to home owners who also own their solar systems.
Are you of Native Indian ancestry and want to go solar? There's an incentive program for you!
Do you have neighbors whose trees or bushes shade your property, and you're concerned about how much sunlight may be blocked in the future? There's a regulation called a solar easement that can help you create an agreement with them to solve this pesky problem.
These are only two (2) such examples of incentives that may benefit you. Read on to discover more!
Consistent Savings, Guaranteed!
To be clear, the incentives to go solar aren't merely on the front or back end. These motivations exist throughout the entire experience of solar ownership, benefiting you from the beginning all the way through your solar journey. You can get lowered loan interest to help with the initial capital expense of installing your system, through to the 26% Solar Investment Tax Credit (ITC) that all but reimburses you for the cost of installation of your system, to the savings you earn when you don't have to pay massive electric bills while you own your system, all the way to when you decide to sell your home and receive a premium price because of your wise decision to exercise foresight and invest in solar when it mattered, and when the cost of investment was manageable.
To make your solar incentive research journey that much easier, we here at McClintock Electric have compiled a table of the Top 13 Solar Incentives for the state of Ohio that will make going solar more than worth the time and money involved. These range from regulation that protects you, to tax credits, to loan programs designed to give you a financial leg up as you look to an energy-efficient future.
Take a look!
|#||Incentive Name||Incentive Type||Details/Eligible Products||Last Updated|
|1||Solar Easements||Regulation - Solar/Wind Access Policy||Voluntary, legally-binding agreements between neighbors on bordering properties regarding the use of land. Rolls over to new owners. Can be used to create assurances that foliage will be maintained so your solar panels can capture optimum light all year round.||5/28/2020|
|2||Fannie Mae Green Financing||Financial||Loans For Solar Photovoltaic (PV) Low-Flow Water Fixtures in Multi-Family Residences||5/8/2020|
|3||Office of Indian Energy Policy and Programs - Grant Opportunities||Financial||Solar Water Heat, Solar Space Heat, Geothermal Electric, Solar Photovoltaic (PV) Panels, Wind (All), Biomass, Hydroelectric, Wind (Small)||2/26/2020|
|4||Federal Solar Investment Tax Credit (ITC)||Financial||
26% in 2020
22% in 2021
10% in 2022
|5||Residential Energy Conservation Subsidy Exclusion (Personal)||Financial||In Section 136 of the U.S. Code: energy conservation subsidies provided (directly or indirectly) to customers by public utilities* are non-taxable. 100% of subsidy eligible. Discuss with a tax professional before claiming; Solar Water Heat, Solar Space Heat, Solar Photovoltaic (PV) Panels||5/16/2018|
|6||Net Metering||Regulation||Credit accumulation with your local electric company by depositing excess solar energy into their grid during sunny seasons, and redeeming the credits later if your electricity usage exceeds your panels' capacity||1/11/2016|
|7||Local Option - Special Energy Improvement Districts||PACE Financing (aka Property-Assessed Clean Energy Financing)||Solar Water Heat, Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaic (PV) Panels, Wind (All), Biomass, Geothermal Heat Pumps, Wind (Small), Geothermal Direct-Use, Anaerobic Digestion||1/30/2018|
|8||Solar Renewable Energy Certificates Program (SRECs)||Financial||To become a certified renewable energy generating resource facility in Ohio, you must complete an application in accordance with Ohio Administrative Code 4901:1-40. Renewable energy resource facilities in Ohio are not required to be certified. However, certification is required in order to be recognized as a compliance resource under Ohio’s renewable portfolio standard; Solar Photovoltaic (PV) Panels||2/5/2015|
|9||Energy Conservation for Ohioans (ECO-Link) Program||Financial||Homeowners can get a 3% loan interest reduction on home improvement projects up to $50,000 for up to 7 years; Solar Water Heat, Solar Photovoltaic (PV) Panels, Wind (All), Geothermal Heat Pumps, Wind (Small)||3/15/2017|
|10||USDA - High Energy Cost Grant Program||Financial||Assists energy providers and other eligible entities in lowering energy costs for families and individuals in areas with extremely high per-household energy costs (275 percent of the national average or higher.); Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaic (PV) Panels, Wind (All), Biomass, Hydroelectric, Wind (Small), Hydroelectric (Small)||6/9/2016|
|11||FHA PowerSaver Loan Program||Financial||HUD insures private lenders against loss on property improvement loans they make. The applicant must have the ability to repay the loan in regular monthly payments. Both large and small improvements can be financed. HUD does not lend money for property improvements; Solar Water Heat, Solar Photovoltaic (PV) Panels, Wind (All), Geothermal Heat Pumps||3/7/2016|
|12||Advanced Energy Fund||Regulation||Solar Water Heat, Solar Space Heat, Geothermal Electric, Solar Thermal Electric, Solar Photovoltaic (PV) Panels, Wind (All), Biomass, Hydroelectric, Municipal Solid Waste, Combined Heat & Power, Fuel Cells using Non-Renewable Fuels, Landfill Gas, Wind (Small), Fuel Cells using Renewable Fuels, Microturbines||11/06/2014|
|13||Energy-Efficient Mortgages||Financial||FHA's Energy Efficient Mortgage program (EEM) helps families save money on their utility bills by enabling them to finance energy efficient improvements with their FHA-insured mortgage; Solar - Passive, Solar Water Heat, Solar Space Heat, Solar Photovoltaic (PV) Panels, Daylighting||06/24/2015|
But if doing the research on these incentives still doesn't convince you, don't just take our word that going solar is a sound investment. There's a simpler way to determine how much solar can impact your future by clicking on the button below to get a FREE estimate and personalized assessment from one of McClintock's Solar Specialists who will tell you how much you can save on electric bills by investing in solar today!