If you live in Oklahoma and are thinking about whether or not to install solar panels – go for it! State residents enjoy 231 clear days a year on average, so a solar system brings in a lot of energy. Don’t let the upfront investments scare you — Oklahoma solar incentives and rebates can bring them down.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
The most straightforward way to make money with your solar system in Oklahoma is to join the net metering program. You sell to your utility all the electricity that you generate but don’t use. In return, electric companies give you Renewable Energy Credits, which you can use to cover your bills. The program is open to all customers, but the installation must be under 300kW in size. The utilities pay for your net excess generation at their avoided cost rate. Keep in mind that they can charge you an application fee.
Renewable Energy Credits are certificates granted to any person or entity upon generation of each Megawatt-hour of clean electricity. Unlike with net metering, you don’t need to sell any electricity to get credits. The value of RECs is always changing, which makes them similar to stock market assets. Based on the available data, selling RECs could mean anywhere from $300 to $1,000 annually for a 10kW solar system. To participate, contact the Oklahoma Corporation Commission for relevant details. After that, you can create a REC account with the North American Renewables Registry (NAR) to begin storing and selling your credits.
If you are looking for additional funds to buy a solar system, the Energy Efficient Mortgages (EEM) program might help you with that. The loans are insured through the Federal Housing Authority (FHA) and Veterans Affairs (VA) programs.
When you are looking to buy new property with the help of an FHA loan, its amount can be increased to include the cost of your PV solar system. Once you’ve qualified for a home loan, the process of approving an EEM is much simpler and shorter. A standard FHA loan can be increased for energy-efficient upgrades by the cost of upgrades based on the home energy assessment; or the lesser of 5% of the Adjusted Value; 115% of the median area price of a Single Family dwelling; or 150% of the national conforming mortgage limit.
It means that you can get a loan for the whole system plus its installation and shipment. Read more about the FHA program and apply on the US Department of Housing and Urban Development website.
The Veterans Affairs program offers EEMs for military personnel, reservists and veterans. The size of a loan depends on your status and credit history. Check the guide on how to apply for the VA loan on the program’s website.
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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