Benefits of Solar Energy
Solar energy offers multiple advantages. Here are some highlights.
- Better energy independence: Adding a solar battery storage system lets you have dependable energy during grid outages and storms.
- Lowered energy bills: Solar panels allow you to generate your own energy to power your home, minimizing your regular electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Edmond Homeowners?
Governments and utilities often incentivize homeowners for going solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Rebate Program
Website: ompa.comIncentive Amount:
Residential Air-Source Heat Pumps: $250/ton
Residential Dual-Fuel Heat Pumps: $250/ton
Residential and Commercial Geothermal Heat Pumps: $800/ton
Commercial Air-Source Heat Pumps: $200/ton
Commercial Dual-Fuel Heat Pumps: $200
Ceiling Insulation (Residential Only): $250-$500
Incentive Type: Rebate Program
Website: edmondok.comIncentive Amount:
Air Source/Dual Fuel Heat Pumps: $250 per ton
Geothermal Heat Pumps: $800 per ton
Ceiling Insulation: $250-$500
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Edmond
The more informed your company investigation is, the better your solar panels will ultimately operate. Consider all of these factors in your company search.
Licensing and Training
Anyone with an electrician's license from the Oklahoma Construction Industries Board may perform solar energy work. Oklahoma doesn't treat solar projects as different from any other electrical job. You should also visit a company's website to learn about its private certifications. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, awarded by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Edmond
Your solar panels' type will impact how much electricity you can generate. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
Additional components, such as battery storage and electric vehicle (EV) chargers, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor offers these add-ons, so look for a contractor that installs them if it's crucial for you.
You can expect to pay about $15,650 on average for a five-kilowatt solar energy system in Edmond. Use the table in this section to get an idea of the amount Edmond solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,070 |
| Solar Polycrystalline | $835 |
| Thin-Film | $488 |
| Solar Battery | $685 |
| Solar Home EV Charger | $2,568 |
Financing Solar Energy in Edmond
Choosing the best financing solution will influence your overall solar system cost and expected savings. Common payment options include leases, power purchase agreements, loans, and cash payments. Though it involves a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases let you rent your panels for a fixed monthly rate, while PPAs let you pay just for the energy you use, similar to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for companies that offer two or more payment plans to find the right fit for your pocket.
The table below lists the average payback periods for different capacities of solar systems in Edmond.
The IRS allows you to claim a 26% federal solar tax credit on your new solar panels, so long as you purchase it before 2032. Local governments and utilities might also offer their own rebates, incentives, and financing programs that could save you more money.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.3 years |
| 2 kW | 4.5 years |
| 5 kW | 11.3 years |
| 10 kW | 22.7 years |
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Frequently Asked Questions About Solar in Edmond
How much money could I save by going solar in Edmond?
Is solar energy widely available in Edmond?
Will solar energy systems improve my Edmond home value?
What if I live in a gloomy or heavily-wooded
How many years will a common solar system last?
What is the average payback period for Edmond solar panels?
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from local banks, installer, specialty lenders and the government. You'll need to pass a credit check to qualify for most of them. While the upfront costs are larger, and you'll be responsible for taking care of the system, you'll also have total ownership and can apply for many more incentives.
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