Table of contentsSolar Power in Oklahoma Oklahoma solar panel cost Oklahoma solar incentives or rebates Why choose Oklahoma solar power? Should I buy or lease my solar panels? Oklahoma solar panel companies The history of solar power in Oklahoma Important solar installation factors to consider Solar power FAQs Solar energy by state
Solar Power in Oklahoma
The Sooner State ranks 45th nationally for solar energy use. Currently, the state generates 84.7 MW of energy from solar panels. There are also 30 solar companies, accounting for developers, manufacturers, and others. While solar isn’t as prevalent in Oklahoma as in other states, the state is projected to grow in solar energy production.
Furthermore, solar prices in Oklahoma fell by 36% over the past five 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 short payback period, it is easy to understand how financially beneficial solar power can be.
Oklahoma solar panel cost
The cost of a residential solar panel ranges between $15,000 to $25,000 ($3-$5 per W). The costs for solar panels are in dollars per watt, with most homes using around 5kW. Once you calculate costs, you can determine how long it would take to make up your initial investment. For many homeowners, the average payback period ranges from 6 to 9 years.
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Oklahoma solar incentives or rebates
Installing solar panels on your home allows you to gain access to tax incentives that will help reduce your upfront investment. The federal government offers the Investment Tax Credit which allows you to take a 26% tax credit through the rest of 2022. By 2023, homeowners can receive a tax incentive of 22% off the purchase price. The tax credit is set to expire in 2024 unless Congress renews it, so it’s a good idea to schedule your solar installation soon.
Currently, Oklahoma does not offer any state incentives. However, you may be able to sell your excess power back to the grid. This is known as net metering, and it provides you with an easy way to earn money back from your investment.
Why choose Oklahoma solar power?
Lower energy costs
With solar power, you gain a natural energy source that can lower or eliminate your monthly energy costs. Along with having substantially lower utility prices, you can improve your home’s value. The U.S. Department of Energy notes that installing solar panels can raise your home’s value by an average of $15,000. Therefore, using solar panels can help you save in multiple ways.
Establish energy independence
Another benefit is the energy freedom you gain. Instead of relying on a utility company to constantly transmit power to your home, your solar system generates it for you. If you have a solar battery, you’re more likely to remain powered even during storms that would otherwise knock out your electricity. If energy price hikes happen due to increased demand, your budget will not receive much impact from it because you use more natural energy.
Solar panels are a form of renewable energy that have minimal effects on the environment during installation. You also reduce your carbon footprint because you’re not relying on fossil fuels. On average, solar panels emit fewer pollutants than coal energy sources.
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Should I buy or lease my solar panels?
At the time of purchase, you have the option to either buy or lease your solar panels. In the long term, buying your solar panels will give you significantly more savings. It also entitles you to the federal tax incentive, and you’re able to sell your excess energy to utility providers. Once you reach your payback period, you can gain even more savings each month through lower energy costs.
Conversely, leasing solar panels is a wise option if you are renting or don’t want to purchase a system upfront. Another alternative is a solar power purchase agreement (PPA). However, the tax credit does not apply to solar leases or solar PPA’s.
Community solar programs are also available if you want to avoid purchasing a system for your home. With these, you pool your financial resources together with your neighbors and share the energy produced from a centralized source. It allows you to enjoy the benefits of solar power while dividing up the investment.
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
Oklahoma ranks 45th nationally, deriving 0.15% of its power from solar energy sources. OG&E built two solar farms located in the southeastern portion of the state, with each farm generating 5MW. Moving forward, the prospect of more solar energy is promising, with a projected growth of 856MW over the next five years.
Important solar installation factors to consider
Here are some things to be mindful of when choosing to install a solar panel system:
- Your roof’s condition is crucial. Your roof needs to be in stable condition because your solar panels will last for 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 your solar panels. Ideally, your roof should have a southward slope between 15 and 40 degrees.
- Oklahoma receives 231 days of sunlight per year, eclipsing the national average of 205.
- If you have an HOA, make sure to check with them first about any rules or restrictions.
Solar power FAQs
How much does a solar panel system cost in Oklahoma?
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Costs vary based on the size of your roof, its orientation, and the company completing the project. On average, a solar panel system costs $15,000 to $25,000.
Is solar power a good investment in Oklahoma?
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While the initial costs can be expensive, you gain long term savings. The federal tax incentive allows you to take a 26% credit off the initial expense, lowering or even eliminating your tax liability for the year. You also gain energy savings each month because you’re using a natural source instead of your energy company. Lastly, your home can increase in value by an average of $15,000.
How much could I save by investing in solar?
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Savings depends on the slope of your roof, your weather, and your home’s energy consumption. To estimate savings, take a six-month average of your energy bill before and after installation. Doing this will help you see how much money you can save monthly.
Where can I find a good solar panel installer in Oklahoma?
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Once you fill out the solar energy form, we pair you with a local provider. It eliminates the guesswork of finding a reputable installer since we do the homework for you.