2024 Solar Incentives Guide for Guthrie, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Guthrie.
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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Updated February 03, 2024
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What Solar Tax Credits, Incentives, and Rebates are Available in Guthrie?
Edmond Electric - Residential Energy Efficiency Rebate Programs
Geothermal Heat Pumps: $800 per ton
Ceiling Insulation: $250-$500
Oklahoma Municipal Power Authority - WISE Energy Efficiency Rebate Program
Residential Dual-Fuel Heat Pumps: $250/ton
Residential and Commercial Geothermal Heat Pumps: $800/ton
Commercial Air-Source Heat Pumps: $200/ton
Commercial Dual-Fuel Heat Pumps: $200
Ceiling Insulation (Residential Only): $250-$500
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to encourage homeowners to make the switch to renewable energy by offering incentives that lower the financial burden of solar panel installation and use. You may be eligible for several kinds of incentives, such as cash back, discounts or credit towards your monthly utility bill, 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. Types of solar incentives might include:
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. Tax credits are different from tax deductions.
- 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 with your Guthrie utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you may get refunded a percentage of the value.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from your total price before any tax credits are calculated.
- Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when you are calculating property taxes on your home.
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, you likely think of federal incentives first. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC initially applied to 30% of the cost of solar system installation, and has fluctuated slightly over the last few years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of equipment, labor and accessories. 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.
Contacting your local Guthrie solar panel installer is the best way to learn more about how the ITC applies to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The total credit will then decrease annually until the date of expiration. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit will apply to you, reach out to your local Guthrie solar installation expert.
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 may be available at a more local level. These incentives might be distributed by your county or municipality, or by the Oklahoma government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Guthrie
There are a number of different solar incentives: those given by local utility companies, those given by the federal government and those offered by the Oklahoma government, to name a few. Solar energy utilization has grown tremendously in the last 15 years, partially due to these incentives. If you're ready to switch over to solar energy, talking to your local Guthrie solar panel installation expert is a great first step.
EcoWatch's Guthrie, OK Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
You should plan to talk to someone from the company that installed your system – or speak to a local Guthrie solar installer — to better understand which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are some environmental benefits of adding solar panels to my house?
You can lower your carbon footprint by 500 pounds of CO2 a year when you switch to solar panels. This adds up to around 10,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now titled the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order your incentives will be applied in could vary depending on which incentives you receive but generally yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to ensure you are claiming all the incentives you're eligible for and applying them in the correct order.
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.