According to the SEIA, the average cost of installing solar panels in Ohio has declined by 35% in the last five years.
So, if you want to get on board with renewable energy, you're probably wondering, 'How much do solar panels cost in Ohio right now?'
Keep reading to find out more about Ohio solar costs and how you can save on your installation.
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Average Cost of Installing Solar Panels
Most solar installations in Ohio cost between $ and $5 per watt. Solar panel prices depend on their potential for generating electricity and most solar panels have a power output of around 265 watts.
You'll also need to pay for the labor involved in installing them as well as an inverter, and battery storage if needed. That means the average residential solar installation will cost from $15,000 to $25,000.
You can get some of this money back when you calculate your annual taxes. The federal government offers a tax incentive for all solar installations.
This incentive means you can deduct 26% of your solar installation costs from your tax return if you install your solar system during 2021 or 2022. The deduction goes down to 23% for any solar installations that take place during 2023.
Saving on the Cost of Solar Panels in Ohio
According to Blue Raven Solar, there are many ways to save on the cost of installing solar panels. For starters, you can reduce your energy bills down to nothing, but the state also offers some extra incentives, like:
Ohio’s Net Metering Policy
When you install solar, you can stay connected to the grid and use conventional electricity when needed. With this two-way setup, your solar system can also feed some of the solar power you generate back into the grid.
Ohio's latest net metering policy states that all customers who supply excess solar-generated electricity to the grid must receive compensation from their utility provider.
That means you'll get a discount on your electricity bill.
Solar Renewable Energy Certificates (SRECs)
Ohio's SREC program gives you extra cash back for every megawatt-hour (MWh) of electricity produced by your panels.
You get one SREC for each MWh and you can trade them for cash with anyone who wants them.
Energy Conservation for Ohioans (ECO-Link) Program
This system makes it easier to finance your solar energy system. With Eco-Link, you receive a 3% reduction on your bank loan interest for up to seven years.
You can sign up for this benefit with your preferred lender when you apply for a home improvement loan.
Moving Forward With Renewable Energy
For many, the average cost of installing solar panels remains out of reach. Yet, it pales in comparison to the cost of not installing renewable energy.
A solar installation can save you a lot of money on electricity bills over the years, but it's also a vital first step in ensuring the future of mankind. Unless we do something to reduce our carbon emissions right away, we're in serious trouble.
For more insights on how you can improve your home and appreciate what the planet has to offer, keep browsing our blog.