2024 Solar Incentives Guide for Ardmore, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ardmore.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Ardmore?
Red River Valley REA - Heat Pump Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to encourage people to switch to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. Incentives may include things like discounts, cash back or monthly utility bill credits. Some incentives are provided by the federal government, while others are handled by the Oklahoma government or your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from the total price before any tax credits are calculated.
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Ardmore utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other areas you might receive a refund equivalent to a percentage of the value.
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your home.
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Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC provides a tax credit for a specific percentage of the cost of your solar system.
The ITC was originally for 30% of the total cost of installing a solar system, although it has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Talking to your local Ardmore solar panel installation expert is the best way to learn more about how the ITC may apply to your situation.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit equal to 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Ardmore solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more might be available at a more local level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives may come from your county or municipality, or from the Oklahoma government.
Next Steps for Installing Solar in Ardmore
The large number of solar incentives available has enormously increased the adoption of solar energy nationwide over the last 15 years. You can get solar incentives from the Oklahoma government, the federal government or your local utility company. We suggest talking to your local Ardmore solar installation company to learn more about these incentives and to ensure that you're getting all the money you can for your solar system.
EcoWatch's Ardmore, OK Solar Incentives FAQs
How can I find out if I qualify for different solar incentives?
It's a smart idea to get in touch with your local Ardmore solar installer to get an understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar systems installed on property you own (in the U.S.) within a specified date range. Some incentives, such as those provided at the level of the Oklahoma government, may have additional requirements.
I already have solar panels installed. Do I qualify for any incentives?
You should plan to talk to someone from the company that installed your system – or speak to a local Ardmore solar installer — to clarify which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are the top solar panel installation companies near me?
To find the top solar panel installation companies near you, take a look at our article on Ardmore's top solar panel companies.
What are the environmental benefits of switching to solar energy?
You can lower your carbon footprint by 500 pounds of CO2 annually when you switch to solar panels. This adds up to roughly 10,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.