2024 Solar Incentives Guide for Elk City, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Elk 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 Elk City?
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/
Solar incentives mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more Americans to switch to renewable energy. The incentives might include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the state of Oklahoma and some by your utility company, county or municipality. Categories of solar incentives include:
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have a net metering agreement in place with your Elk City utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other areas you might be refunded a percentage of the value.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
- Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the added value of your solar system when calculating property tax for your home.
- Rebates: Rebates, or cash back after a purchase, are typically given prior to any solar tax credits being calculated. Rebates may be provided by your local utility company, by your state or by your county.
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
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a certain percentage of the money you spend installing solar panels.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
Curious how the ITC might apply to your specific situation? Contact your local Elk City solar panel installer to get more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. The Clean Energy Credit runs until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit. This amount will be decreased slightly each year until the end of the current program. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Elk City solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Like with federal incentives, these can include rebates, tax credits and more. These incentives might be offered by the Oklahoma government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Elk City
There are a variety of solar incentives: those offered by local utility companies, those provided by the Oklahoma government and those given by the federal government, to name a few. The use of solar energy has increased tremendously in the last 15 years, thanks to these incentives. Call your local solar panel installation expert today to learn more and to save the most money possible on solar panels for your Elk City home.
EcoWatch's Elk City, OK Solar Incentives FAQs
How do I learn if I qualify for certain solar incentives?
It's best to speak with your local Elk City solar installer for a better understanding of which incentives your project may qualify for. In most cases, solar incentives apply to new solar systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those offered by the government of Oklahoma, may have additional requirements.
Who installs solar panels near me?
To find the best solar panel installer in your area, check out our guide to the best solar companies in Elk City.
If I trade in my appliances for ones that can utilize solar energy, are there benefits that I can claim?
The recently passed Inflation Reduction Act introduces multiple incentives designed to reward homeowners who make eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I qualify for incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in might vary depending on which incentives you receive but in most cases yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to confirm you are claiming all the incentives you're eligible for and applying them in the correct order.
Can I use solar and another type of renewable energy in combination to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Be sure to go over your ideas with your local Elk City solar installation expert. They can help you plan your project and educate you on 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.