At first glance, solar may not seem to make financial sense in Ohio since Ohio’s electric rates are relatively low and the upfront costs of solar appear high.
However, installing solar panels makes financial sense in Ohio for three simple reasons:
1. Electricity costs continue to rise,
2. Solar installation costs continue to fall, and,
3. Property value increases if solar is added to a home or business.
1. Increasing Electric Costs Around the country and in Ohio, electric rates have increased an average of 6% per year over the past 30 years. Electric rates will continue to rise over time. Adding solar, allows the consumer to control their electric costs.
In many states, utilities charge different rates for electricity depending on the time of day it is used. “High demand” times (evenings) are charged at a higher rate than “low demand” times (morning and mid-day). Ohio utilities are planning to implement this type of rate structure in the near future. Solar+storage can reduce the extra expenses during the “high demand” times of the day.
2. Decreasing Cost of Solar Equipment and Improving Technology Over the past five years, solar panel prices dropped by half. As the volume of solar installations increases, manufacturers are finding ways to bring down the cost. Additionally, PV systems are exempt from sales tax in Ohio.
Solar panel and solar inverter efficiency is constantly improving. It is possible to produce more electricity from the same amount of roof space.
3. Increased Property Value Installing solar on your home increases property value by an average of $9200. Once the solar system is installed, it produces a predictable amount of electricity each year, which reduces a homeowner’s monthly electric expenses, no matter who owns the home. Also the added value of the solar system is exempt from property taxes. This means property taxes do not increase after purchasing a system, even though solar increases a home’s value.
Ecohouse Solar can provide you with additional information about why solar makes sense for you. Contact Ecohouse Solar to get a free detailed design and estimate. www.ecohousesolar.com