Oklahoma ranks 7th among the sunniest states in the nation, receiving 85.35% of average sunlight in a year. One of the many reasons it is worth investing in a solar energy system in the Sooner State. Added to that is the increasing electricity rates, which according to the U.S. Energy Information Administration, climbed to 49% from June 2021 to June 2022 and is the biggest in the nation.
As such, most of the property owners in Oklahoma choose to go solar to cut costs on their electricity bills and seize on the solar incentives and benefits from the national and local utility companies.
Explore below to learn how to use Oklahoma Solar Incentives & Rebates.
Oklahoma has substantial net metering laws. The state mandates utility companies, electric cooperatives, and investor-owned to provide property owners with net metering. Net metering is a program that connects solar panels or other renewable energy systems to the public utility, enabling users to offset their utility bills with credits earned from excess power generation. Any extra energy produced can be sold to the grid, and the value is applied as a credit to your energy bill. States with strong net metering laws are an asset to homeowners because they smooth the way to connect a solar system to the public grid.
Oklahoma Public Service Company (PSO) provides property owners with two (2) choices for net metering. Property owners can enlist for the utility's Standard Purchase Schedule or the Net Energy Billing Option (NEBO).
Oklahoma property owners can also qualify for the excellent tax credit from the Federal government. The Investment Tax Credit (ITC) includes 30% of the price of installing a solar panel system until 2032.
Sample Calculation: If you buy your solar energy system for $20,000, you can claim a federal solar tax credit of $6,000, which can help reduce your federal income tax for the year you installed the system. However, remember that the tax credit only applies to those who own their system, either by paying in cash or with a loan, not those who lease. If you lease a system, the solar incentives go to the third-party owner, so buying your system is better than leasing it.
In 2033, the Federal tax credit will reduce by 26%, and by the following year, 2034 will decrease by 22%.
Even though the Sooner State does not provide additional solar incentives and rebates for investing in solar panels, numerous local utility companies give solar incentives for energy-proficient advancements that your solar installer may accomplish.
The following companies are below:
Oklahoma solar energy system is on the rise. Property owners in the Sooner State can carry on utilizing the profits of going solar! Getting help from a solar company is recommended to assist you in making informed decisions.
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