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Solar power is gaining popularity in Oklahoma as more homeowners recognize the many benefits of going green. According to the Solar Energy Industries Association (SEIA), solar installations in the Sooner State are expected to grow by 674 MW in the next five years, which is enough energy to power over 100,000 homes! With installation costs continuing to decline, there’s never been a better time to invest in solar energy in Oklahoma.
In this comprehensive guide, we’ll cover everything you need to know about solar panels for your home in Oklahoma, including the average cost of solar panels and any Oklahoma solar incentives available to homeowners.
Oklahoma solar panel cost
The exact cost of your solar panel installation will depend on the configuration of your system and any local fees or taxes. However, you can estimate your investment by considering the following factors:
- Per watt cost. The cost of solar panels in Oklahoma is measured in dollars per watt, with an average price of $3 – $5 per watt for residential systems.
- Total system cost. In total, this typically equates to a fee of $15,000 – $25,000 for the entire system
- Oklahoma solar incentives and federal tax credits. With state and federal tax credits for solar, you can usually expect your system to pay for itself within six to nine years after installation.
Why choose Oklahoma solar power?
Solar investment has many benefits. Here are three of the top reasons to install solar panels at your home:
1. Lower energy costs
If you want to cut down on your energy bills, going solar can help. When you have an at-home solar system, you’re equipped to generate your own power from the sun, rather than purchasing all your electricity from the local provider. After your initial investment, you’ll save money every month by not having to pay an energy bill.
In addition, adding the best solar panels increases your property value. Even if you don’t plan on selling your house soon, a working solar system can be a significant selling point for prospective homebuyers when the time is right.
2. Establish energy independence
When you generate your energy through solar panels, you’ll no longer be dependent on the public power grid to supply your electricity. No more dealing with power outages, substantial rate spikes, or reduced energy supply when demand is high.
3. Go green
Solar power is renewable, unlike many traditional energy sources. As a result, it’s environmentally sustainable and better for the planet. You’ll create fewer carbon emissions and live a more eco-friendly lifestyle when you have solar power.
Oklahoma solar panel incentives or rebates
If you’re intimidated by the price of installing a solar system at your home, you’ll be relieved to know that there are Oklahoma solar incentives and tax credits to lower the initial costs.
First, let’s look at the federal solar tax credit (ITC). With this program, homeowners who add a solar system to their primary or secondary residence in 2021 can claim a 26% tax credit on their installation, with no maximum limit. This credit is scheduled to decline to 22% in 2022, and eventually expire in 2024 (unless Congress renews it), so it’s a good idea to schedule your installation soon to make sure that you qualify.
Oklahoma does not offer any state-level rebates; however, solar owners in the Sooner State have the option to sell their excess power back to the grid. This program, known as net metering, provides an easy way to make money back from your solar investment.
Should I buy or lease my solar panels?
You have the power to choose whether you want to buy, lease or enter into a power purchase agreement (PPA) for your solar panels. We’ll dive into the pros and cons of both options below, but the bottom line is that you’ll stand to save more money over time if you purchase or finance your panels.
One of the key advantages of purchasing and installing your solar panel system is that it allows you to qualify for the 26% federal tax credit. Plus, owning the solar panels for your home can increase its resale value by an estimated $15,000.
On the other hand, leasing your solar panels still offers most of the benefits of solar without the upfront investment. Leasing makes renewable energy accessible to more people, including renters and people who do not want to purchase their system. Similarly, community solar projects and power purchase agreements allow households to use solar energy without paying for installation.
Oklahoma solar panel companies
When you decide to go solar, you’ll be able to choose from a number of trusted providers to install solar panels in Oklahoma. Your solar company will work with you to determine what’s best for your needs to create a customized solution for your home.
New to solar? Get up to speed with the following resources from SaveOnEnergy. Learn more about the solar industry, such as:
The history of solar power in Oklahoma
Currently, Oklahoma ranks 45th in the country for solar power, with nearly 3,100 solar installations across the state. Oklahoma solar has a strong growth projection in the next five years. For example, Oklahoma Gas & Electric (OG&E) operates 168 acres of solar farms across the state, including the Choctaw Nation Solar Farm (5MW) and the Mustang Solar Farm (2.5MW).
Important solar installation factors to consider
Beyond the costs and purchasing options, consider these other factors when weighing up a solar investment. Here are some factors that impact the overall effectiveness of solar panels in Oklahoma:
- The state of your roof: Solar panels can work in all climates, but they’re best suited for specific conditions. To get the maximum value from your system, your roof should be in good condition and not in need of repair, have a south-facing slope between 15-40 degrees, and not be covered by trees, according to the Homeowner’s Guide to Going Solar.
- How much sunshine you receive: Solar panels work best when they’re receiving plenty of sun. That’s part of the reason why sunny states like Texas have been highly successful with their solar projects. Ensure that trees or other buildings don’t cover your panels.
- Any HOA or neighborhood rules: You may need approval from your HOA or neighborhood association before making modifications to your property. Check if any of these rules apply to you before making a solar investment.
Solar power FAQs
How much would solar cost in Oklahoma?
Residential solar panels typically run between $15,000 – $25,000 for the entire system. You can reduce these costs by taking advantage of the federal solar tax credit. The total cost of solar panels in Oklahoma will also depend on the size and components you choose, such as a solar battery.
Is solar power a good investment in Oklahoma?
Solar can undoubtedly be a wise investment in Oklahoma, earning you long-term savings on your energy costs. You’ll get more from your solar investment if your home receives ample sunshine and your roof is well-suited to absorb sunlight.
How much could I save by investing in solar?
It’s possible to save as much as 100% on your energy costs by investing in solar. Your total savings can depend on your property and much you’re currently paying for electricity.
Where can I find a good solar panel installer in Oklahoma?
Several reputable solar panel installers are available in Oklahoma. It’s essential to do your research before signing a contract. Use SaveOnEnergy as your go-to resource for all things solar.
How does solar power help the environment?
Because solar power is a renewable resource, it doesn’t harm the environment like many other energy sources do. Whether it’s a residential system or a solar-powered RV, switching to solar helps you minimize your carbon footprint and make a more positive contribution to your community.