Innovative Ohio businesses are taking advantage of generous incentives and tax credits available from investing in quality commercial solar installations. The state has created an excellent set of programs to break down the financial barriers associated with solar energy and make this valuable resource more accessible. Investing in commercial solar projects can help your business reduce energy costs and save money for years to come, as well as demonstrating environmental responsibility. In Ohio, it’s never been easier to get started on a clean energy future.
Federal Solar Tax Credit for Businesses in Ohio
Business owners in Ohio can take advantage of the Federal Solar Investment Tax Credit (ITC) to defray some of the costs associated with solar panel installations. This 30% tax credit allows individuals to receive a credit on their federal corporate income tax return equal to 30% of their system’s total cost when they install a renewable energy system into their building during the same year that it is used. The Inflation Reduction Act renewed this tax credit at a rate of 30%, locking in significant savings for investments made through 2032. As one of the best incentives for businesses seeking access to solar energy, the Federal Solar Tax Credit is an attractive and economical way to implement solar energy usage in Ohio.
If you live in Ohio and are interested in making your property more energy efficient, look no further than the USDA REAP grant (Rural Energy for America Program) for assistance. The grant provides loan financing and grant funding to agricultural producers as well as small, rural businesses looking to install renewable energy systems. It is an excellent resource that can help a business save money by making an energy efficient upgrade much more achievable. Therefore, it is worth considering how the USDA REAP grant might be able to help you reduce your carbon footprint while keeping costs low.
First Energy Ohio Renewable Energy Credit
If you live in Ohio and own a renewable energy resource, such as solar panels or wind turbines, you’ve got the ability to capitalize on that with the help of Renewable Energy Certificates (RECs). These certificates are created for every megawatt-hour generated through renewable means. They’re tradable commodities in states with Renewable Portfolio Standards, giving owners more potential revenue sources and incentives to continue utilizing renewable resources. If this has piqued your interest, it’s simple to get started – just follow the steps outlined and you’ll be on the way towards becoming an environmentally conscious electricity entrepreneur soon!
Cleveland’s Commercial Property Tax Abatement
With the potential for significant savings, Cleveland’s Commercial Property Tax Abatement program is a highly attractive opportunity for businesses of all sizes. By investing in a solar interconnection of $5000 or more, commercial building owners can lock their property tax rates in for up to 15 years. Beyond this direct benefit, businesses working with the city may be able to take further advantage of green incentives like Solar Renewable Energy Certificates and tax savings. It’s clear that these initiatives offer an extremely attractive way to support economic development while contributinigg to sustainability in Cleveland.
City of Cincinnati Commercial Property Tax Abatement
The City of Cincinnati Commercial Property Tax Abatement program can be a great resource for those interested in obtaining a commercial solar system. By utilizing this abatement program, property owners are able to benefit from potentially reduced solar system costs and stabilizing their property values. Additionally, by coupling this abatement information with interest rate reduction programs and warranties on solar panels, property owners will likely find themselves in a much improved financial position before, during and after the installation process is complete. With these incentives and more, it may be advantageous for residents to look into what the City of Cincinnati are offering in terms of commercial property tax abatement.