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Solar incentives and financing in Ohio

• Factsheet

April 26, 2024

What are solar incentives?

There are several types of incentives that can help you go solar. Explore the basics of solar solar incentives and how they can help you save money.

What types of solar incentives are available?

Several types of incentives can help you go solar.

The Clean Energy Credit Union

The Clean Energy Credit Union offers two main types of solar electric system loans designed to make solar installations more affordable for homeowners. Below is a brief summary of their program:

1. Short-Term Solar Electric System Loan (Solar Tax Credit Loan)

This loan is specifically designed to cover the federal solar tax credit amount, which can be up to 30% of the total cost of the solar system. It needs to be repaid within 12 or 18 months, and it’s intended that the federal tax credit received will fully pay off this loan.

2. Long-Term Solar Electric System Loan

This loan can be extended for 12, 15, or 20 years, offering a structured repayment plan to cover the remaining cost of the solar system installation.

Local incentive and finance programs

In Cuyahoga County, the Housing Enhancement Loan Program brings private financing at competitive rates to building owners (small businesses, large commercial/industrial, local government, non-profit, and faith-based institutions) for energy efficiency upgrades and solar projects.

The Hamilton County Home Improvement Program (HIP) provides loans at 3% below the lowest bank rate for homeowners to repair or remodel their homes. These loans can cover various home improvements, including solar installations, making renewable energy upgrades more accessible and affordable.

Heritage Home Loan (Northeast Ohio)

The Heritage Home Program Loan is a low-interest, fixed-rate home equity loan for homeowners to maintain and improve their older houses affordably. Solar installations are a qualified improvement.