2024 Solar Incentives Guide for Bethany, OK - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Bethany.

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.
Get a free quote from one of our trusted Bethany solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Bethany?

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" refers to financial incentives that are in place to encourage the use of renewable energy by making installing and using solar panels more affordable. You might qualify for different types of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Oklahoma government and others from the federal government. Some broad categories of solar incentives include:

  • Tax Exemptions: Your solar panels might qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your home.
  • Net Metering: You can sign a net metering agreement with your Bethany utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your monthly utility bill.
  • Rebates: Solar rebates might be offered by your local utility company, or by your state or county. These rebates are essentially cash back that is applied after you purchase a solar system and before tax credits are calculated.
  • Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.

Best National Provider

SunPower

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5.0
  • Most efficient panels on the market
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  • Cradle to Cradle sustainability certification
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  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
3.2
  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

Federal Solar Incentives

When you think about solar incentives, you probably think of federal incentives first. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006, on a property owned by you for you to claim the credit. Initially, the ITC applied to 30% of all costs (panels, accessories, labor and equipment), although the total amount has fluctuated over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.

Your local Bethany solar panel installation expert can offer more information about the ITC and how it may apply to your situation.

In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit; the amount will be decreased slightly each year until the current program ends. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. The easiest way to learn more about how the new Clean Energy Credit will apply to you is to get in touch with your local Bethany solar panel company.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. As with federal incentives, these could include tax credits, rebates and more. Some incentives are ongoing, while others are only available for a limited time. They might be given by the Oklahoma government, or by your county or municipality.

Next Steps for Installing Solar in Bethany

There are a variety of solar incentives: those offered by local utility companies, those provided by the federal government and those offered by the Oklahoma government, to name a few. Solar energy utilization has increased enormously in the last 15 years, partially thanks to these incentives. Your local Bethany solar panel installation company can give you more information about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.

EcoWatch's Bethany, OK Solar Incentives FAQs

What are some environmental benefits of adding solar panels to my home?

You can decrease your carbon footprint by 500 pounds of CO2 a year by installing solar panels. This adds up to around 10,000 pounds over 20 years. Solar is also a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.

How long until the federal solar tax credit ends?

The Clean Energy Credit (formerly called the federal solar tax credit, or the ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

I want to switch my appliances out for ones that are more energy-efficient. Are there any incentives I can get?

The new Inflation Reduction Act creates several new financial incentives for making eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?

Yes, you can claim both tax credits and rebates towards the cost of solar panels. Depending on which incentives you are claiming, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to confirm that you are claiming the correct incentives and getting the most money possible.

Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?

While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many can be claimed on a second home, provided that it is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.

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.

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