Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Better energy independence: Solar panel systems can keep your home powered through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with optional battery storage.
- Lower energy bills: Producing some or all of your own energy will save you money on your electric bills long-term. Plus, some states provide net metering programs that enable you to sell your unused energy back to the grid, generating additional credits toward your energy bill.
- Reduced carbon footprint: The sun is a highly abundant clean energy source, meaning you can minimize or conquer your home's dependence on "traditional" sources.
What Solar Incentives Are Available to Green Homeowners?
Governments and utilities often incentivize homeowners for switching to solar. Here are some of the rebates, tax credits or other programs you could qualify for.
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: Property Tax Incentive
Website: city.cleveland.oh.usIncentive Amount:
100% of increase in assessed real estate property value for 10-15 years
Incentive Type: Property Tax Incentive
Website: cincinnaticitywide.comIncentive Amount:
Residential New Construction: 100% tax abatement for 15 years
Residential Renovations: 100% tax abatement for 10 years
Commercial New Construction: Effective 75% tax abatement for 8-15 years
Commercial Renovations: Effective 75% tax abatement for 8-12 years
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 Green
Choosing a company is the first step toward an effective and valuable solar array. 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 residential work, cities can establish their own licensing or regulatory requirements. Solar companies can also obtain certifications from standards organizations and trade groups. The most recognized ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Green
The style of solar panels you select determines how much electricity you can generate. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
If you want to charge an electric car or use your solar power in inclement weather, you can pay extra for accessories. By selecting the right components, you can make your system more efficient and convenient to use. Not every solar company includes these add-ons, so look for a contractor that sells them if it's important for you.
A majority of Green homeowners choose solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $17,050 to install, considering both materials and labor. 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 Green
Choosing the correct financing solution will impact your overall solar system cost and potential savings. Common payment options include cash payments, power purchase agreements, loans, and leases. Most solar experts recommend a cash payment or using a solar loan. Cash payments require a large up-front sum, but they save you from 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. Like an auto or home 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 PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. Ask each company you're vetting about the payment options it offers. A representative can help you determine the best option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Green.
The IRS allows you to claim a 26% federal tax credit for solar panels on total system costs, so long as you purchase it before 2032. Local governments and utilities might also offer their own rebates, financing programs, and incentives that could save you more money.
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 Green
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Green?
Should I expect a boost in my property value after adopting solar power?
Is solar panel installation a fast job?
What's the average solar system size in Green?
What is the average payback period for Green solar panels?
What are the signs I shouldn't use a particular solar company for my job?
- High-pressure sales tactics
- Dodging questions about cost, training and credentials, references and warranties
- Inflexible options
- Superficial, rushed site evaluation
- Limited online information
How many estimates should I get before making a final solar company decision?
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