Oklahoma Solar Incentive Unveiled: A Guide to 2023’s Renewable Energy Benefits
Oklahoma may not be overflowing with solar incentives, but there are a couple of gems that can certainly put a smile on your face – and your wallet. After delving into an extensive review of top solar companies across the nation, we’ve uncovered the tax credits and solar rebates that residents in every state can tap into. Now, it’s time to unveil what’s in store for the sun-loving folks of Oklahoma.
Net Metering: A Bright Path to Savings
For those embracing solar power, net metering emerges as a golden opportunity, provided your utility company offers such a program. Net metering provides an effortless method to slash your energy costs. Any excess energy your solar panel system generates flows back to the grid. In return, your utility provider grants you credits for every kilowatt-hour (kWh) of energy you feed into the grid. These credits can then be redeemed to offset future electric bills.
Here’s a simple roadmap to enroll:
- Get in touch with your local utility company to check if they’re on board with net metering. While investor-owned utilities (IOUs) are mandated to offer this program, electric cooperatives and municipal utilities might not follow suit.
- Ensure you have a bi-directional meter in place. Most homes have one, but don’t fret if you don’t – you can easily secure one at no cost.
- Once your solar system is seamlessly integrated with the power grid, ask your provider to handle the net metering application on your behalf.
- After signing up for net metering, keep a watchful eye on your energy bills over the next few months to ensure your energy credits are accumulating. If they’re not stacking up as expected, reach out to your utility company and installer to troubleshoot the issue.
Utility companies like Oklahoma Electric Cooperative, Northeast Oklahoma Electric Cooperative, and OG&E are three stellar options that offer net metering programs.
Federal Solar Tax Credit: Brightening Your Financial Outlook
Prepare for a solar incentive that’s as rewarding as it gets – the federal government’s solar investment tax credit. This enticing credit enables you to claim a whopping 30% of your total solar installation costs on your federal income tax return, potentially trimming down or even eliminating your tax liability altogether.
Once your solar panels are successfully installed, the following tax season, you’ll need to complete IRS Form 5695. This form calls for details about your solar energy system, including size, cost, and the installation company responsible. Your completed form will then be submitted alongside your other tax documents.
However, bear in mind that the federal tax credit is exclusively available to those who outright own their solar system – homeowners who purchased it upfront or through a solar loan. If you’re rocking a solar lease or a power purchase agreement (PPA), unfortunately, you’re not eligible to partake in this particular incentive.
Solar Costs in Oklahoma: A Bright Side to Consider
While Oklahoma might not shower you with a surplus of solar incentives, it more than compensates with below-average solar installation costs. According to EnergySage, the average price for a solar power system in Oklahoma falls within the range of $2.23 to $3.01 per watt. This translates to an estimated $11,135 to $15,065 for a typical residential system encompassing 5 to 7 kilowatts (kW). And here’s the kicker – these figures significantly undercut the national average cost of $20,650 for a 6-kW system. And let’s not forget – these costs are pre-incentives, which means you’re poised to slash these numbers even further.
The Oklahoma Solar Equation: Is It Worth Your While?
Indeed, embarking on a solar journey in Oklahoma is a venture worth exploring. However, the ultimate decision hinges on your typical energy consumption levels. To unearth this information, simply check your utility bill. If you happen to reside in a modestly-sized abode with relatively low energy consumption, investing in a solar system might not align with your financial goals. Calculating your potential savings involves subtracting your anticipated solar expenses from your projected electricity expenses. To make this assessment easier, a top-tier Oklahoma solar company can lend a helping hand in evaluating your potential savings and determining if solar is a match for your needs.
Yet, financial savings are not the sole allure of going solar. Embracing clean energy makes a positive impact on the environment by curbing greenhouse gas emissions and diminishing reliance on fossil fuels. So, whether you’re in it for the financial gains, the environmental benefits, or both, going solar in Oklahoma is a step in the right direction. Consult a reputable solar company today and start your journey towards claiming the federal solar tax credit, enjoying property tax exemptions, and more. Your solar-powered future awaits!