2024 Solar Incentives Guide for Claremore, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Claremore.
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 Claremore?
Verdigris Valley Electric Cooperative - Residential Energy Efficiency Rebate Program
Heat Pump Water Heaters: $500
Smart Thermostat: $50
Programmable Timer for Engine Block Heater: $15
Ground-Source Heat Pumps (new): $300/ton
Ground-Source Heat Pumps (replacement): $150/ton
Air-source/Dual Fuel Heat Pumps: $150/ton
AEP Public Service Company of Oklahoma - Residential Efficiency Rebate Program
Advanced Power Strips: $10-$13
Programmable Wi-Fi Thermostat: $110
Energy Star Heat Pump Water Heater: $500
Energy Star Electric Clothes Dryer: $50
Energy Star Refrigerators: $50
Energy Star Clothes Washer: $50
Energy Star Bathroom Ventilation Fan: $25
Energy Star Room A/C: $25
Energy Star Water Cooler: $25
Energy Star Air Purifiers: $20-$50
Door Sweeps: $3
Door Seals: $5
Spray Foam Insulation: $1
Furnace Filters: $1
Pool Pump: $400
Attic/Ceiling Insulation: $400
Knee Wall Insulation, Wall Insulation, Floor/Crawlspace Insulation, Air Infiltration: Multiple Upgrades Only
Air Conditioner/Heat Pump Replacement: $500-$800
Ground Source Heat Pump: $800
Furnace ECM, Duct Replacement, Duct Sealing: Multiple Upgrades Only
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for various kinds of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Oklahoma and others from the federal government. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or partial refunds after a purchase, are normally applied before any solar tax credits are calculated. These rebates can be given by your local utility company, by your county or by your state.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you exclude the value that your solar panels add when you calculate the amount of property tax you need to pay on your home.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Net Metering: You may be able to sign a net metering agreement with your Claremore utility company that will apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your utility bill each month.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- 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 thinking about solar incentives, federal incentives may be the first thing that comes to mind. One of the incentives that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of your solar system's cost.
The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Initially, the credit applied to 30% of the total cost – for panels, equipment, accessories and labor – although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
Contacting your local Claremore solar panel installation expert is the best way to learn more about how the ITC may apply to you.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can apply for a credit for 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. Your local Claremore solar panel installation experts can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. These incentives might be provided by the Oklahoma government, or by your county or municipality. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Claremore
There are a variety of solar incentives: those given by the federal government, those provided by the Oklahoma government and those offered by local utility companies, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. We recommend talking to your local Claremore solar installer to learn more about these incentives and to make sure that you're getting all the money you can for your solar panels.
EcoWatch's Claremore, OK Solar Incentives FAQs
How much can I save annually on my electric bill if I add solar panels to my house in Claremore?
Generally, Claremore homeowners who install solar panels save about $940.38 per year, or about $17,867.13 over 20 years after making the switch.
When does the federal solar tax credit end?
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 credits I can apply for?
Under the new Inflation Reduction Act, there are several new financial incentives for making eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use a combination of solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your plan with your local Claremore solar installation expert. They can help you with the plan for your project and also help you understand the various incentives that you may or may not qualify for.
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.