The cost of solar panels in Ohio averaged $31,944 in the second half of 2023 before incentives, slightly lower than the national average of $34,122. The average system size in Ohio was 11.6kW, matching the national average. While Ohio offers some solar incentives, they are relatively modest compared to other states.
According to EnergySage, Ohio residential solar customers paid $2.75 per watt for solar panel systems in the second half of 2023, slightly lower than the national average of $2.96 per watt. Ohio households use an average of 727kWh per month, slightly higher than the national average. Prices remained steady at $2.75 per watt throughout 2023, but high-interest rates have made financing solar panels in Ohio more costly, reducing overall demand.
Ohio has implemented various legislative policies to promote the adoption of renewable energy as part of the overall energy supply. In 2008, the state enacted the Alternative Energy Portfolio Standard (AEPS), which requires energy utilities to generate certain percentages of their energy from alternative and renewable sources.
Ohio has had a solar renewable energy certificate (SREC) market since 2009, where renewable energy generation earns SRECs that can be bought or sold. However, due to an oversupply in the market and low prices, this program may not result in significant savings for homeowners. SRECs have traded between $3 to $5 in Ohio in recent years.
Most investor-owned utilities in Ohio offer net billing, allowing customers to sell excess solar energy back to the utility at a reduced rate. This arrangement may result in lower long-term electricity savings compared to net metering, which credits excess solar production at retail rates.
Solar equipment in Ohio is exempt from sales tax, providing potential savings for consumers. given sentence:
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