Innovative businesses in Ohio are actively seizing the generous incentives and tax credits offered for high-quality commercial solar installations in Ohio. The state has established a robust suite of programs designed to dismantle the financial obstacles tied to solar energy, thereby enhancing its accessibility. By investing in commercial solar initiatives, businesses can cut energy expenses and secure savings for the future, while also showcasing their commitment to environmental stewardship. In Ohio, embarking on a journey towards a clean energy future has never been more straightforward.
Living in Ohio and owning renewable energy resources like solar panels or wind turbines positions you to capitalize on Renewable Energy Certificates (RECs). For every megawatt-hour of renewable energy produced, an REC is generated. These certificates are tradable commodities in states that uphold Renewable Portfolio Standards, offering owners additional revenue streams and incentives to sustain renewable resource usage. If this opportunity intrigues you, getting started is straightforward – simply follow the provided steps, and you’ll soon embark on a journey as an environmentally conscious electricity entrepreneur!
Local Solar Tax Credit for Businesses in Ohio
Cleveland’s Commercial Property Tax Abatement Incentive
Cleveland’s Commercial Property Tax Abatement program presents a highly attractive opportunity for businesses seeking substantial savings. Commercial building owners who invest $5000 or more in solar interconnection can secure their property tax rates for up to 15 years. Beyond this immediate advantage, businesses collaborating with the city might also tap into additional green incentives, such as Solar Renewable Energy Certificates and tax savings. These initiatives clearly provide an appealing method to foster economic development while promoting sustainability in Cleveland.
Cincinnati’s Commercial Property Tax Abatement Incentive
The City of Cincinnati’s Commercial Property Tax Abatement program offers significant benefits to those considering a commercial solar system. By participating in this program, property owners can potentially reduce the costs of solar systems and stabilize their property values. Moreover, when combining this abatement with interest rate reduction programs and warranties on solar panels, property owners can significantly improve their financial position before, during, and after the installation process. With these incentives, it could be highly beneficial for residents to explore the commercial property tax abatement opportunities provided by the City of Cincinnati.
Federal Solar Tax Credit for Businesses in Ohio
Federal Commercial Solar Tax Credit for Ohio Businesses
Ohio business owners can leverage the Federal Solar Investment Tax Credit (ITC) to offset some costs of solar panel installations. This tax credit, set at 30%, allows businesses to claim a deduction on their federal corporate income taxes amounting to 30% of their solar system’s total cost if they install a renewable energy system in their building within the year of usage. Thanks to the Inflation Reduction Act, this tax credit remains at 30%, securing substantial savings for investments up to 2032. As one of the most compelling incentives for businesses aiming to adopt solar energy, the Federal Solar Tax Credit offers an affordable and appealing route to incorporating solar power in Ohio.
REAP Grants For Rural Ohio Businesses
If you’re in Ohio and aiming to enhance your property’s energy efficiency, consider the USDA REAP grant (Rural Energy for America Program) for support. This grant offers loan financing and grant funding to agricultural producers and small, rural businesses eager to adopt renewable energy systems. It stands as a valuable asset, enabling businesses to economize by facilitating more attainable energy-efficient upgrades. Exploring the USDA REAP grant could be a strategic move to diminish your carbon footprint while maintaining cost-effectiveness.
8MSolar Is Here For Ohio’s Business Solar Needs
If you are curious about how much solar is going to cost and going to save your business give the solar experts at 8MSolar a call. We are here to help all Ohio businesses achieve their energy goals. Whether that be reducing their carbon footprint, saving money on your electrical bills, providing EV chargers for your employees to use, it has never been easier to go solar. Test out our solar calculator above and see what you can start saving.
