Consider the cost of solar panels for Oklahoma residents due to their numerous benefits, such as sustainable energy and potential cost savings. Check out the state’s attractive tax incentives to make the switch even more appealing. With ample sunny days, solar power can significantly reduce reliance on conventional energy sources and contribute to a greener environment.
Plus, investing in solar panels adds value to your property, given the increasing demand for sustainable living. Analyze your energy consumption and potential savings to make an informed decision for a brighter, greener future with solar energy.
What Is the Cost of Solar Panels in Oklahoma in 2023?
The average cost of solar panels in Oklahoma is $2.62/W in July 2023. A solar panel system of 5 kW can cost anywhere between $12,135 and $15,065. The average gross price in Oklahoma is $13,100. The net cost of solar is reduced by thousands after accounting for the federal 30% investment tax credit and state and local solar incentives.
Cost of Solar Panels in Oklahoma by System Size
|System Size||System Cost||Cost of System (after ITC)|
Do Solar Panels Make Sense in Oklahoma?
Solar is a wise investment in Oklahoma, as it is in many places. However, the return on investment can vary depending on factors such as the cost of electricity, available incentives, climate, sun angle, and more. If you pay for a solar system of average size upfront in cash, you can expect to save $26,212 over the next 20 years.
If you finance your solar system using a $0 down loan, you can start saving money from day one. But it’s important to note that your long-term savings may be lower in this scenario.
Oklahoma Residents Have Several Options for Solar Financing
Here are options for payment that you should consider when buying a solar system. Each payment option has its advantages and disadvantages. Consider your budget when deciding which payment method is right for you.
- Cash: You do not pay interest, but must pay for the entire amount upfront
- Solar Loans: Pay back over time, but interest may accrue
- Solar Lease: Monthly payment, do not own the system, not eligible for most incentives
- Power Purchase Contract: No upfront costs, maintenance, or little or no upfront cost. Does not qualify for tax incentives
- Home Equity: There is no need to borrow money from the solar company. Financial institutions offer Home Equity Loans and Lines of Credit that are often used for home improvement. They can be used to finance any project, including solar. Make sure to shop around for the best price.
Cash, solar loans, and tax rebates are the best options for homeowners looking to maximize their return on investment. Solar leases or PPAs are a good option for those who don’t want to pay high upfront costs and may not be eligible for solar loans.
Oklahoma Offers Rebates and Incentives for Solar Panels
Oklahoma homeowners who choose to install solar panels can take advantage of both a federal tax credit and the state’s Net Metering program. The federal government offers a 30% credit for residential solar systems purchased between 2022 and 2032 through the Clean Energy Credit.
Oklahoma’s net-metering programs allow solar owners to earn credits by supplying surplus energy from their solar panels back to the grid. These credits are particularly beneficial during periods when solar panels generate less energy, such as in winter when the sun’s intensity is lower.
Installing solar panels can increase the value of your home. However, it’s essential to note that this improvement may also result in higher property taxes. Unlike some other states, Oklahoma does not provide exemptions from property taxes or sales taxes for solar installations.
Examining Solar Installation Factors
When investing in solar power, there are many things to take into consideration. Before making a decision, take the time to research solar installation and ownership.
|Insurance||Contact your home insurer. Ask your home insurance agency if you need to add solar panels to your policy. Also, find out how this will affect the coverage.|
|HOA rules||Check the rules of your HOA, or any other neighborhood association regarding solar panels. You may need to follow specific rules for installation.|
|Location||Solar panels work best in direct sunlight. Solar panels can produce electricity in areas with constant shading, but this is not ideal.|
|Rent or Own||Tenants may not be able to make many changes to the property, but they can ask the landlord about solar. You may qualify for Community Solar subscriptions such as Arcadia to power your home with solar energy.|
|Roof condition||Before installing solar panels, your roof may require repairs. Solar installers will inspect the roof during an inspection or consultation to determine if any maintenance is needed.|
Oklahoma Solar Energy FAQs
Is there a tax credit for solar energy in Oklahoma?
No. Oklahoma residents can receive a 30% federal tax credit for purchasing a solar energy system. Oklahoma currently does not have a specific state rebate or incentive program for solar energy.
What is the cost of solar panels in Oklahoma?
The price of solar panels can vary depending on many factors, but the average cost is around $35.865 before you apply for the federal tax credit. The cost of solar panels depends on many factors including the size of the system, roof repairs, and location.
How can I find a good solar installer in Oklahoma?
When selecting a solar installer in Oklahoma, consider ESD Solar for its reputable track record, competitive pricing, and high-quality installations. Gathering multiple quotes and comparing them will help ensure you make an informed decision.
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