2024 Solar Incentives Guide for Del City, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Del City.
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 Del City?
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" includes 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. Different kinds of incentives, such as cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be handled by the state of Oklahoma, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you've signed a net metering agreement with your Del City utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in others you may receive a refund equivalent to a percentage of the value.
- Rebates: A solar rebate is a partial refund after the purchase of your solar panels. These may be offered by your local utility company, your state or your county. The rebates are usually applied before tax credits are calculated.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when calculating property taxes on your house.
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SunPower
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- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
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- Customer service varies by local dealer
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC provides you with a tax credit for a set percentage of your solar system's cost.
The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost – for panels, labor, equipment and accessories – although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Talking to your local Del City solar panel installer is the best way to learn more about how the ITC may apply to you.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now qualify for a credit equal to 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. The credit percentage will then decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Del City solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Tax credits, rebates and more can be offered at a more local level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives could come from the Oklahoma government, or from your specific county or municipality.
Next Steps for Installing Solar in Del City
Solar incentives can be offered by the federal government, the Oklahoma government or your local utility company. The variety of incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. Reaching out to your local Del City solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Del City, OK Solar Incentives FAQs
How can I find out if I qualify for solar incentives?
It's a good idea to talk to your local Del City solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those given by the state of Oklahoma, may have additional requirements.
What are the best solar panel installation companies near me?
To find the best solar panel installers near you, take a look at our article on Del City's top solar panel companies.
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you help lessen the strain on our planet's resources. Solar panels can also reduce your home's CO2 emissions by 500 pounds yearly, or around 10,000 pounds over 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can get?
With the passage of the new Inflation Reduction Act, there are a variety of new financial incentives that are available when you make 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 use a combination of solar and another type of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home, such as a combination of wind and solar. You can also combine renewable energy generation with a non-renewable backup source of energy. Make sure that you discuss your proposed plan with your local Del City solar installation expert, so that you understand what you'll need and what incentives you will or won't 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.