2024 Solar Incentives Guide for Oklahoma City, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Oklahoma City.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Oklahoma City?
Oklahoma City - Green Home Loan Program
Oklahoma Electric Cooperative - Energy Efficiency Rebate Program
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Desuperheater: $225/unit
Electric Water Heaters: $180
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Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to encourage homeowners to make the switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. These incentives may include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the Oklahoma government and some by your utility company, county or municipality. Types of solar incentives might include:
- Net Metering: You may be able to sign a net metering agreement with your Oklahoma City utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your utility bill each month.
- Rebates: Rebates, or partial refunds after a purchase, are normally applied prior to any solar tax credits being calculated. These rebates may be given by your local utility company, by your state or by your county.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the government. These are different from tax deductions.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the added value of your solar system when you calculate how much property tax you need to pay.
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Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the best-known federal solar incentive. The ITC offers a tax credit for a predetermined percentage of your solar system's cost.
The ITC initially applied to 30% of the total cost of solar panel installation, although it has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum claim amount. The ITC applies to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
To find out exactly how much money the ITC could save you, speak with your local Oklahoma City solar panel installation expert.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now qualify for a credit of 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. The credit percentage will then decrease yearly until the Clean Energy Credit ends in 2035. Beginning in 2023, it will also be easier to claim credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. The easiest way to fully understand how the new Clean Energy Credit applies to you is to talk with your local Oklahoma City solar panel installers.
State & Local Solar Incentives
Federal solar incentives are not your only option; rebates, tax credits and more are often offered at the local or state level. These solar incentives — which might be handled by the state of Oklahoma, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Oklahoma City
You can apply for solar incentives from the federal government and the Oklahoma government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Your local Oklahoma City solar panel installation company can help you learn more about which incentives you might qualify for, and get you on track to switch to renewable energy today.
EcoWatch's Oklahoma City, OK Solar Incentives FAQs
How do I learn if I qualify for certain solar incentives?
It's a good idea to talk to your local Oklahoma City solar installer for a better understanding of which incentives your project will qualify for. Generally, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those offered by the government of Oklahoma, might have other requirements.
What are the environmental benefits of switching to solar?
You can lower your carbon footprint by 500 pounds of CO2 a year when you install solar panels. This adds up to roughly 10,000 pounds in 20 years. In addition, solar power is a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
Can I qualify for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can claim both rebates and tax credits towards the cost of your solar panels. Depending on which incentives you are receiving, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to confirm that you are claiming incentives correctly and that you're getting the most money possible.
Can I use solar and another type of renewable energy in combination to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and geothermal. You can also use both renewable energy sources and a backup source of non-renewable energy. Make sure that you discuss your plan with your local Oklahoma City solar panel installer, to make sure you know what you'll need and what kinds of incentives you might or might not qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.