Benefits of Solar Energy
Solar energy provides multiple benefits. Let's look at a few of them.
- Lower utility costs: Generating some or all of your own energy will spend less on electricity long-term. Plus, some states offer net metering programs that enable you to sell your unused energy back to the grid, generating extra credits toward your energy bill.
- Reduced carbon footprint: The sun is the universe's most abundant clean energy source, meaning you can reduce or eliminate your home's dependence on "traditional" sources.
- Better energy independence: Solar energy can keep your home running through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with an optional battery backup system.
What Solar Incentives Are Available to Moore Homeowners?
Governments and power companies often incentivize homeowners for adopting solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Rebate Program
Website: okcoop.orgIncentive Amount:
Air-source Heat Pumps: $125 - $325/ton
Geothermal Heat Pumps: $375-$1050/ton
Desuperheater: $225/unit
Electric Water Heaters: $180
Commercial LED Retrofit: contact Randy Harnsberger at (405) 217-6705
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 Moore
The more thorough your company investigation is, the better your solar system will ultimately operate. Consider each of these aspects in your contractor search.
Licensing and Training
So long as a contractor has an electrician's license from the Oklahoma Construction Industries Board, they may perform solar energy work. The state doesn't treat solar projects as different from any other electrical job. Solar companies can also earn accreditations from trade groups and standards organizations. The most respected ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Moore
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels provide a lower price point but produce less power. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can enhance your solar system's efficiency. Not all solar providers include these extras, so look for a contractor that installs them if it's essential for you.
You can expect to pay about $15,650 on average for a five-kilowatt solar energy system in Moore. Use the table in this section to get an idea of what amount Moore solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,055 |
| Solar Polycrystalline | $823 |
| Thin-Film | $481 |
| Solar Battery | $675 |
| Solar Home EV Charger | $2,533 |
Financing Solar Energy in Moore
Choosing the right financing solution will affect your overall solar system cost and potential savings. Common payment options include leases, power purchase agreements, cash payments, and loans. Though it involves a large up-front payment, cash is the most economical choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for cost-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a fluctuating rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. We suggest working with a provider that offers multiple financing options. Ask each representative about what's available, and get more than one estimate for the best odds of keeping within your budget.
The table below lists the average payback periods for different capacities of solar systems in Moore.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even more.
| 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 Moore
How much energy and money could I save per year by switching to solar?
Is solar energy common in Moore?
Should I anticipate a property value increase after installing solar panels?
Could I still use solar power if I live in a rainy, wooded, or dark area?
What's the average solar system size in Moore?
What is the average payback period for Moore solar panels?
How does "net metering" work, and do I need to participate?
Some states or utilities mandate you to enroll in net metering when installing your solar system, while others give you a choice. Either way, once you join, you'll receive a check or bill credit for your excess generation at a wholesale or retail rate.
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from specialty lenders, the government, local banks and installer. You'll need to pass a credit check to qualify for most of them. While the upfront costs are greater, and you'll be responsible for taking care of the system, you'll also have complete ownership and can apply for many more financial rewards.
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