Residential solar panels could help Oklahoma residents save up to $801 each year in energy costs. The average monthly electric bill in Oklahoma is $144.50. Electricity rates in Oklahoma have risen 27% since 2021 and may continue to rise. However, solar energy rates should remain low, with an average monthly solar bill of $77.70 per month.
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Solar Power in Oklahoma
The solar power industry is spreading across the U.S., and Oklahoma has plenty of room to grow. The Sooner State has installed enough solar to power 11,517 homes. There are also 26 Oklahoma solar companies, accounting for developers, manufacturers, and others. While solar isn’t as prevalent in Oklahoma as in other states, residential solar installations have increased in recent years. The state is projected to continue to grow in solar energy production.
Furthermore, solar prices in Oklahoma fell by 53% over the past 10 years. Taking advantage of solar power when prices are low means the upfront investment won’t be as high. Then, when you factor in the tax incentives, lower energy rates, and a short payback period, it is easy to understand how financially beneficial solar power can be.
Oklahoma solar panel cost
The median price per watt of a residential solar system in the U.S. is $3.82. The median system size is 6.5 kilowatts (kW), which equates to a total anticipated cost of $24,742 before factoring in potential tax credits or rebates.
After subtracting the Residential Clean Energy Credit, the median total solar installation cost would be $17,131. Using this number and the average monthly electricity cost in Oklahoma, we can estimate a projected payback period of about 10 years, which is the time it takes to recover your system costs. In 20 years, you could potentially save $17,408 on your Oklahoma electric bills. However, electricity costs rise over time, so the savings may be larger.
The exact cost of a solar system for your home will depend on your energy use, the type of panels, system size, and other factors.
Oklahoma solar incentives or rebates
While the upfront cost of solar panels can be high, various incentive programs can help reduce the price. Because Oklahoma has invested in wind power generation to meet its renewable energy goals, it doesn’t have statewide solar tax credits or rebates. But homeowners with solar systems in Oklahoma can still take advantage of a couple of state and federal benefits.
Under Oklahoma’s net metering law, all types of solar customers are eligible for net metering. Solar owners can get a monthly credit on their electric bill for selling excess energy generated to the grid.
Residential Clean Energy Credit
The federal government offers the Residential Clean Energy Credit to solar system owners. Formerly known as the Investment Tax Credit (ITC), this solar incentive allows you to claim a 30% tax credit on your federal tax returns if you install a solar system on your first or second home.
Why choose Oklahoma solar power?
Solar is a solid investment for several reasons. You can reduce your electricity costs, enjoy more energy independence, and improve your home’s carbon footprint.
Lower energy costs
Solar power can help you lower or eliminate your monthly electricity costs. You can also increase your home’s value along with substantially lower utility prices.Electricity consumers typically pay higherrates during peak hours (mornings and evenings).You can avoid higher costs if you rely on solar generation or batteries.
Establish energy independence
Another benefit of going solar is that you can gain more energy independence. Depending on its size, your solar system can cover most of your electricity needs. If you have asolar battery, it can power your home during storms that would otherwise knock out your electricity. Most solar-powered homes are tied to the grid, but they are not completely dependent on traditional electricity.
Usingsolar panels has a positive impact on the environment when it replaces fossil fuel-fired power generation. TheNational Renewable Energy Laboratory (NREL) found that a solar system emits about 40 grams of carbon dioxide per kWh during its lifespan. By contrast, a coal-fired power plant releases over 1,000 grams of carbon equivalent per kWh in a lifetime. As arenewable andgreen energy, solar can reduce your home’s carbon footprint and energy costs.
Should I buy or lease my solar panels?
If you are considering going solar, you can buy your solar panels with cash, finance them, or lease them. Buying a solar system outright is the best option if you can afford it.You can take advantage of the federal tax credits to reduce the upfront cost of solar, whether you purchase the system with cash or finance it.
If you can’t afford to purchase a system upfront or you rent your home,leasing solar panels is a wise option. Another alternative is entering a solar power purchase agreement (PPA). A PPA allows a solar developer to install a solar system on your property and sell the generated power to you. Still, the ownership and operation of the system will remain with the developer. It is important to note that the federal tax credit does not apply tosolar leases or solar PPA.
Community solar programsare also becoming popular in the U.S. as an alternative to purchasing a solar system. With community solar, you share the energy produced from a centralized solar source with others in your community.
Oklahoma solar panel companies
When you decide to go solar, you can choose from various trusted providers to install solar panels in Oklahoma. We vet our installers and offer you a curated customer experience. Your solar company will work with you to determine what’s best for your needs and create a customized home solution. You can get started by filling out our solar form.
New to solar? Get up to speed with the following resources from SaveOnEnergy. Learn more about the solar industry, such as:
If you are installing solar panels on your home’s rooftop, your roof needs to be in good condition to support your solar panels for up to 25 years. There should also be no shade or obstructions that block your roof from receiving sunlight.
The slope of your roof has an impact on the efficiency of yoursolar panels. Ideally, your roof should have a southward slope between15 and 40 degrees.
Oklahoma receives 231 days of sunlight annually, eclipsing the national average of 205. If you are going solar in the Sooner State, your system will generate a lot of power during its lifetime.
If you have an HOA, check with them first about any rules or restrictions. Your solar installer can help you work through potential obstacles.
Solar power FAQs
The cost of solar panels varies based on the size of your home, energy consumption, roof orientation, solar panel type, and other factors. You could pay between $12,286 to $45,013 for a system size ranging from 4.1 kW to 9.75 kW, before applying federal tax credits and other incentives.
While the initial costs can be expensive, you gain long-term savings. The federal tax incentive allows you to take a 30% credit off the initial expense, lowering your tax liability for the year. You also gain energy savings each month because you’re using a renewable energy source instead of relying on your utility. Lastly, solar panels can boost your home value by an average of $15,000.
Savings will mostly depend on your household’s energy consumption and solar system size. Oklahoma residents paid an average electricity bill of $ $143.91 as of October 2022. Using the national median, you could save about $17,400 after owning a solar system for 20 years.
Once you fill out the solar energy form, we pair you with a local installer. It eliminates the guesswork of finding a reputable installer since we do the homework for you.
The SaveOnEnergy marketplace helps you search, compare, sign up and save on the right energy fit for your home — all for free. If you’re interested in solar, answer a few questions to get an exact price quote from our solar advisors.
1. Complete the form below
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