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Installing solar panels on your home is an excellent way to reduce your energy costs and carbon footprint. Over the past few years, there has been a huge increase in residential solar installations in Oklahoma.
Wondering whether using solar energy is worth it in Oklahoma? Keep reading to learn about the costs and benefits of solar panels in Oklahoma and whether they’re right for you.
In Oklahoma, the cost of solar panels depends on a variety of factors, including the size of your system, its components, and its configuration. You must also factor in labor costs and local permitting costs.
On average, a residential solar panel system costs between $3 and $5 per watt, which comes out to between $15,000 and $25,000 for an average 5-kW system. Solar tax credits and other incentives are in place to help subsidize the cost for homeowners.
The components included in your home solar panel system will be a contributing factor in the total price. Here are a few components you’re likely to find in a home solar system:
Choose Energy’s partner, SaveOnEnergy, can help you find the right energy fit for your home. The SaveOnEnergy marketplace helps you search, compare and save on the right energy fit for your home — all for free. If you’re interested in solar, answer a few questions to get an exact price quote from our solar advisors.
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3. Get an exact price quote for solar panels for your home
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.
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:
| Initial investment | Years to get ROI | Energy savings per year after ROI | Savings five years after ROI |
|---|---|---|---|
| 8.23 | $1,344 | $6,720 | |
| $15,000 |
One of the most important benefits of installing solar panels on your home is that you can be closer to energy independence.
So what exactly does that mean? It means that your family’s budget isn’t as vulnerable to energy price swings. Energy demand tends to be higher in the summer and winter when extreme hot and cold temperatures are present. As a result, electricity tends to be more expensive during those months. But when you power your home with solar power, you largely avoid those price swings because your monthly electricity bill is virtually eliminated.
You still are connected to the power grid when you have solar panels for electricity use in off-peak periods. However, the majority of your energy will be generated by your solar system.
Solar panels are a significant investment so it’s important to understand exactly what you’re getting before you purchase them. Visit our library of educational resources to learn more about solar panels, such as the best states for solar or the pros and cons of leasing solar panels. Or calling the number on your screen to speak to an energy expert directly.
Here are a few things to consider before you buy solar panels:
Oklahoma is behind most other states when it comes to solar energy generation. In 2021, the state ranked 45th in the nation for solar energy generation, with 0.14% of Oklahoma’s electricity coming from solar power. Still, this amount of energy is enough to power around 10,000 homes.
So what does this mean for the future of solar energy in Oklahoma? Basically, the only way to go is up. And despite Oklahoma’s slow adoption of solar power, it has made progress. While there are few solar companies in Oklahoma, the past several years have seen investments in residential, commercial, community, and utility solar installations. So while solar isn’t yet a critical part of the state’s economy, we predict solar in Oklahoma will be on the rise over the next decade.
What is the life expectancy of solar panels in Oklahoma?
Most solar panel warranties last between 25 and 30 years. That said, proper care and maintenance may extend the life of your solar panels.
Are there disadvantages to using solar energy in Oklahoma?
Solar panels aren’t currently as popular and widespread in Oklahoma, which may deter some homeowners from making such a large purchase.
How does solar power help the environment?
Solar power is a form of green energy, meaning its production doesn’t emit the same harmful greenhouse gasses as traditional electricity generation. Solar energy helps lessen climate change and pollution.
What percent of Oklahoma energy production is solar?
Oklahoma currently gets 0.14% of its electricity from solar power, which is enough to power 9,766 homes.