Oklahoma City Solar Panels
Pricing and incentives. How much do solar panels cost in Oklahoma?
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 City solar panel cost
The cost of a OKC residential solar panels 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.
Oklahoma City 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 City 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 OKC 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.
Follow these steps to learn more about solar energy
- Call our solar energy experts
- Find out if solar energy is right for you and discuss the options available at your home
- Call: 405-512-2261 now to get a customized quote.
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.
The history of solar power in Oklahoma City
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 OKC 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.