Solar installations require a certain amount of space, especially ground-mounted systems, which may limit their feasibility for some properties. However, creative solutions like rooftop installations or dual-use systems (such as agrivoltaics) can make solar viable for a wide range of locations and property types.
Solar energy generation depends on sunlight, so its performance can fluctuate based on location and weather. Solar remains viable in many parts of the country, even in less sunny regions, thanks to advances in panel efficiency.
The initial cost of installing a solar system can be significant, though various incentives can substantially reduce this burden. A typical residential system may cost between $15,000 and $25,000 before incentives, while a larger commercial system (such as a 100 kW system) may cost upwards of $238,600.
Standard grid-tied solar systems shut down during power outages. If you need consistent power during outages, you may need to invest in battery storage or a backup generator. The increasing availability of home and commercial batteries, like the Tesla Powerwall, offers a solution to this issue.
Solar power is more affordable than ever, thanks to a range of financial incentives
The Rural Energy for America Program (REAP) offers grants and loans to rural businesses, farms, and agricultural operations. These grants can cover up to 40% of the total installation cost for solar energy projects, making it an ideal option for farms and rural businesses looking to go green and save on energy costs.
The SRECs are incentives that earn additional income from solar electricity generation. Homeowners can earn one Solar Renewable Energy Credit for each megawatt-hour (MWh, or 1,000 KWh) of electricity their solar panel system generates. You can sell SRECs for cash in the SREC market.
SREC prices vary depending on your utility and market conditions. Still, as of August 2023, they fluctuate between $6.50 and $7.00, netting about $52 to $100 per year if your system produces 1 SREC per month.
For details, visit the Ohio Legislative Service Commission website.
The Ohio PACE program coordinates with local governments and connects property owners with private PCAE-approved capital providers and contractors. The program offers fixed-rate PACE loans with net terms of 15 to 25 years. Through this program, commercial and residential property owners can receive 100% of the cost of an energy program upfront.
For more information, visit the PACE website.
Like Cleveland residents, Cincinnati homeowners can apply through the city’s website for a tax abatement program that prevents property tax increases after a home improvement project. With this program, adding solar panels will increase the value of your home but not the property taxes for up to 15 years. Homes must meet LEED certification standards to apply.
Visit the City of Cincinnati Community and Economic Development website for more information.
Solar energy offers substantial long-term savings, environmental benefits, and the potential to increase property value. With numerous tax incentives, grants, and financing options, the initial investment can be significantly reduced.
Whether you’re a homeowner, business owner, or farm operator, solar can be a game-changer for your energy strategy. If you’re ready to explore how solar energy can work for you, contact us for a customized quote and see how much you can save.
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