Solar panels in Oklahoma can indeed be expensive. The good news is that there are financial incentives in place to reduce the cost burden.
First, the federal government offers a solar Investment Tax Credit (ITC), which allows you to claim a credit of 26% of your costs when you purchase a residential solar system. Additionally, Oklahoma offers a net-metering program. Net metering allows you to get credits on your electricity bill when you send excess electricity back to the grid.
Solar energy in Oklahoma may help lower your electric bills
Tax credits and net metering aren’t the only way to save with your solar panels. You can expect to save money on energy by just by powering your home with solar power.
Let’s look at an example scenario to see what you could save. Suppose you purchase a $15,000 residential solar panel system. You could save $3,900 in the first year thanks to the federal tax credit. Of course, you’ll also save money each month on your electricity bill. Oklahoma residents pay an average of $112 for electricity each month, so if you are able to offset that cost with solar, you could expect to save up to $1,344 per year ($112 x 12 months). At that rate, you should reach the break-even point on your solar panel system in just over eight years.
Example of return on investment (ROI) for an Oklahoma solar panel system based on an initial investment of $15,000: