Oklahoma Solar Incentives, Tax Credits & Rebates (2024 Guide)
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Oklahoma doesn’t offer many solar incentives, but there are a couple that can help you save money. We reviewed the best solar companies in the country and learned about the tax credits and solar rebates residents of each state can apply for. See what’s available for Oklahomans below.
What Are the Available Oklahoma Solar Tax Credits and Rebates?
Oklahoma residents can take advantage of the following solar incentives:
Net Metering
Solar owners can participate in net metering if their utility company has a program. Net metering is an easy way to save on energy costs. Any excess energy your solar panel system generates goes back to the power grid. Your utility provider gives you credits per kilowatt-hour (kWh) of energy sent back. You can use these credits to pay future electric bills.
Follow these steps to enroll:
- Call your local utility company to see if it participates in net metering. Investor-owned utilities (IOUs) are required to offer the program, but electric cooperatives and municipal utilities might not.
- Ensure you have a bi-directional meter installed. Most homes have one, but you can get one for free if you don’t.
- Once your provider connects your system to the power grid, ask it to complete a net metering application for you.
- After you enroll in a net metering policy, check your energy bills for the next few months to ensure you accrue energy credits. If you’re not, contact your utility company and installer to determine the issue.
Oklahoma Electric Cooperative, Northeast Oklahoma Electric Cooperative, and OG&E are three utility companies that offer net metering programs.
More resources:
Federal Solar Tax Credit
The federal government’s solar investment tax credit is among the most financially rewarding solar incentives available. This credit allows you to claim 30% of your total solar costs on your federal income taxes, reducing or even eliminating your owed taxes.
Once your solar panel installation is complete, you’ll fill out IRS form 5695 the following tax season. The form requires information about your solar energy system, such as size, cost, and installation company. You’ll file the form with your other tax documents.
The federal tax credit is only available to those who own their system, meaning residents who bought it outright or via solar loan. Those with a solar lease or power purchase agreement (PPA) aren’t eligible.
More resources:
How Much Does Going Solar Cost in Oklahoma?
What Oklahoma lacks in solar incentives it makes up for in below-average solar costs. EnergySage estimates that the average solar power system costs $2.23–$3.01 per watt in Oklahoma. That’s $11,135–$15,065 for a typical residential system of 5–7 kilowatts (kW). This is considerably less than the national average cost of $20,650 for a 6-kW system. These prices are before applying solar incentives, so you can reduce costs even further.
Is Going Solar in Oklahoma Worth It?
Going solar is worth it in Oklahoma. However, whether it’s right for you depends on how much energy you typically use to power your home. You can find your energy usage on your utility bill. If you have a particularly small home that doesn’t use much energy, investing in a system may not make financial sense. You can determine your potential savings by subtracting the amount you’ll pay for solar from what you would otherwise pay for electricity. A top Oklahoma solar company can help to calculate your potential savings and determine if solar is right for you.
Saving money isn’t the only reason to go solar. Clean energy positively impacts the environment by decreasing greenhouse gas emissions and the use of fossil fuels.
Our Conclusion
Oklahoma solar incentives may be fewer than in other states, but you should still apply for what you can and check with your solar installer about local tax credits or rebates. If you’re ready to talk to a solar company about installing panels, we recommend SunPower for their years of experience, high-efficiency solar panels, and positive customer reviews.
You can start your solar journey by getting a quote on each company’s website or by entering your ZIP code below.
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FAQ About Solar Tax Incentives in Oklahoma
Does Oklahoma have a solar rebate?
Oklahoma has no state-specific solar rebates, but residents can participate in a local net metering program if their utility company offers one. Net metering helps offset the cost of electricity bills.
What is the incentive for solar panels in Oklahoma?
Oklahoma doesn’t offer many solar incentives. Homeowners can lower their energy costs by signing up for net metering through their utility company. Those who own their system can also apply for the federal tax solar tax credit.
Can I get free solar panels in Oklahoma?
No, you can’t get free solar panels in Oklahoma. PPAs allow homeowners to get solar panels without an up-front cost, but this disqualifies them from most incentives.
How much does it cost to go solar in Oklahoma?
The average cost of solar panels in Oklahoma is $11,135–$15,065 for a 5–7 kW system.
Our Rating Methodology
We are committed to providing comprehensive and unbiased reviews to our readers. After over a thousand hours of research on solar companies, interviews with experts, and common customer needs, we’ve created a detailed rating system for solar providers based on six factors:
- Solar equipment, installation, and services (25%)
- Warranty and performance guarantees (25%)
- Brand reputation and certifications (15%)
- Financing options (15%)
- Experience (10%)
- Availability (10%)
Total scores are divided by 20 for a final 5-point rating scale.
To share feedback or ask a question about this article, send a note to our Reviews team at reviews@thisoldhousereviews.com.
