OHIO SOLAR INCENTIVES

Commercial Solar Incentives in the Buckeye State

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.

REAP Grant

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.

Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company. We supply customers in the US and Europe with electricity, including electricity generated from renewable resources and with natural gas. Through Genie Solar Energy and Prism Solar, we design, construct and install commercial solar energy solutions. We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.

Case Studies

  • Commercial Solar Case Study Property Management Company
    Wiley Property Management Case Study

    The installation of the solar array on the roof of storage facility is leveraging a limited regulation called “Group Hosting”. Group hosting is a method where a group of businesses or individuals share the installation and use of a larger solar array on a single property.

  • Bake Crafters Commercial Solar Case Study
    Bake Crafters Food Company

    Bake Crafters’ commercial solar array is a remarkable example of sustainability in action. With an output capacity of 800 kW and predictions of offsetting 770 metric tons of CO2 emissions.

  • Integra Commercial Solar Case Study
    Integra Biosciences

    Integra Biosciences’ Commercial Solar project achieves 22% IRR and aligns with the company’s global sustainability goals and commitments. The two installations total 572-kW and generate enough power to offset 844,000 kWh.

  • Commercial Solar Case Study - Kraft Power
    Commercial Solar Case Study – Kraft Power Power

    Kraft Power utilized American made solar panels to install a 57.5 kW system on their roof. The new rooftop solar system, will help Kraft Power offset 100% of the electricity usage every year.

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Testimonials

Convinced to go solar by the New Jersey incentives, PCS Wireless looked at several solar companies to provide the best overall value. Genie Solar was able to design a unique system to offset the largest portion of their electricity usage. Additionally, we combine it with an exclusive financial product which minimized the cash out of pocket and maximized the return on investment. The 494 kW system was constructed in minimal time, with no impact on the businesses operations.
PCS Wireless
A provider of engine-generator systems, Kraft Power was a pioneer of “Total Energy” (Combined Heat and Power). After seeing the financial and green benefits of solar at their headquarters in Massachusetts, Kraft wanted to capitalize on the lucrative state incentives in New Jersey at a distribution center. By installing a 57.5 kW system on the roof they were able to offset 100% of their electricity usage, take advantage of the Investment Tax Credit, accelerated depreciation, and collect revenue from the New Jersey SREC program. Genie Solar made it a smooth process and limited the need for internal resources to manage the project.
Kraft Power
A premier provider of water treatment in the New York and New Jersey area, Tower wanted to go solar to save money and generate clean energy. Upon reviewing the financial benefits available in New Jersey with the SREC program and the federal Investment Tax Credit, they wanted to safe harbor the project in 2019 and construct in 2020. Buying American Made panels was an important component of the project, and by utilizing their white roof, Genie Solar was able to leverage Prism Solar’s bifacial panels to minimize the square footage needed and maximize the electricity generated. Genie Solar helped them achieve all of their goals in an efficient manner with a 44.6 kW system.
Tower Water
Cardoza had both a showroom and a distribution center with exorbitant electricity costs in New Hampshire. As a legacy business, it was important to reduce costs and protect the business from increasing expenses prior to passing it on to the owner’s children. The show room’s roof and location made it a less than ideal location for solar; but the vast roof and direct sunlight on the distribution center could generate enough solar to power both facilities, plus the owner’s house. Leveraging New Hampshire’s group host program, Genie Solar built one 99.7 kW solar array to power all three locations. The owner is now considering converting more equipment to solar and building a second array.
Cardoza Flooring
A destination nursery in rural New Hampshire, HBTSR was a long standing customer of Genie Solar’s sister company, Diversegy. After helping the business reduce electricity expenses for the past number of years, HBTSR turned to Genie Solar to reduce their rising electricity expenses over the long run. “Between the federal and NH state incentives, I was paid $8,000 to install my solar array. On top of getting money back, I am going to realize over $300,000 in savings during the 25 year warranty period of the solar array.”
House By The Side of the Road