Benefits of Solar Energy
Solar energy offers multiple advantages. Here are some highlights.
- Reduced carbon footprint: Solar is one of the universe's most abundant clean energy sources, meaning you can minimize or conquer your home's dependence on fossil fuels.
- Lowered energy bills: You can dodge the expensive cost of grid-tied power by producing some electricity right where you use it. Plus, many states provide net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Better energy independence: Adding a battery storage system lets you have dependable energy during storms and grid outages.
What Solar Incentives Are Available to Anderson Homeowners?
Ohio homeowners who decide on solar could qualify for tax credits, special financing, reimbursements and rebates. Here are just a few of the area's incentive programs.
Incentive Type: Loan Program
Website: hamiltoncountyohio.govIncentive Amount:
$50,000
Incentive Type: PACE Financing
Incentive Amount:
Low-interest, 30-year loan
Incentive Type: Loan Program
Website: tos.ohio.govIncentive Amount:
Rate reduction available for up to $50,000 and 7 years of the bank loan
Incentive Type: Solar Renewable Energy Credit Program
Website: puco.ohio.govIncentive Amount:
SREC prices vary based on market conditions
Incentive Type: Rebate Program
Website: duke-energy.comIncentive Amount:
Variable Refrigerant Flow HVAC: up to $400
Central AC or Heat pump: $300-$400
Geothermal Heat Pump: $400
Smart Thermostat: $125
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $300
Duct Sealing: $100
Duct Insulation: $75
Attic Insulation and Air Sealing: $250
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Anderson
The purchase price and efficacy of solar panels often rely on the solar company that mounted them. Make your choice based on the following key factors.
Licensing and Training
Ohio may require a solar company to hold a state contractors' license, but only for commercial work. For home solar panel installations, cities can establish their own licensing or regulatory requirements. Solar installers can also obtain certifications from standards organizations and trade groups. The most prestigious ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Anderson
The style of solar panels you choose dictates how much energy you can generate. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can maximize your solar system's performance. Not all solar companies provide these add-ons, so look for a contractor that installs them if it's crucial for you.
Most Anderson homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $17,050 to install, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,167 |
| Solar Polycrystalline | $910 |
| Thin-Film | $532 |
| Solar Battery | $747 |
| Solar Home EV Charger | $2,801 |
Financing Solar Energy in Anderson
There are numerous ways to pay for a solar energy system, and the right one will minimize your overhead. A few of the most common options include power purchase agreements (PPAs), cash payments, leases, and loans. Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to a home or auto loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a power purchase agreement lets you pay a fluctuating rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. Look for contractors that offer two or more payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Anderson.
You are eligible for a 26% federal solar tax credit for new solar energy devices until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.6 years |
| 2 kW | 5.2 years |
| 5 kW | 13.1 years |
| 10 kW | 26.2 years |
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Frequently Asked Questions About Solar in Anderson
How much money could I save by going solar in Anderson?
How common is solar energy in Anderson?
Will solar panels boost my Anderson home worth?
What if I live in a dark or heavily-wooded
How can I check my site's solar potential?
How long does the solar panel installation process take?
How does "net metering" work, and do I need to participate?
Some states or power companies oblige you to participate in net metering when installing your solar system, while others give you a choice. Either way, once you join, you'll get a check or bill credit for your excess generation at a wholesale or retail rate.
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
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