2023 Solar Incentives Guide for Henryetta, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Henryetta.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Henryetta?
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
East Central Electric Cooperative - Residential Rebate Program
Complete system (unit and ground loop) - $750 per ton
Marathon Electric water heater - $150
ENERGY STAR heat pump water heater: up to $500
ENERGY STAR Room AC - $50
ENERGY STAR Advanced programmable thermostat: up to $50
Weatherization: 50% of cost
Federal Residential Renewable Energy Tax Credit
Solar incentives are intended to make renewable energy usage more affordable via financial incentives to help people install solar panels on their homes. You might qualify for various kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Oklahoma government and others from the federal government. You might qualify for any of the following types of solar incentives:
- Net Metering: You may be able to sign a net metering agreement with your Henryetta utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your monthly utility bill.
- Rebates: Solar rebates can be offered by your county or state, or by your local utility company. These rebates are essentially partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you exclude the value added by your solar panels when paying taxes on your home. You could also look for exemptions on sales tax at the time of purchase.
- 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.)
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. 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 specified percentage of the cost of your solar system.
The ITC can be applied to solar panels installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost — for panels, accessories, equipment and labor — although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Curious how the ITC might apply to your specific situation? Reach out to your local Henryetta solar panel installation expert to get more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. With the new provisions, solar installation projects that are completed between 2022 and 2032 might qualify for a 30% tax credit. This percentage will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit applies to you is to reach out to your local Henryetta solar panel installation expert with your questions.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more can be offered at a more local level. These solar incentives — which might be handled by your county or municipality, or by the state of Oklahoma — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Henryetta
The nationwide use of solar energy has significantly increased in the last 15 years, in part thanks to the increase in availability of solar incentives. You can obtain these incentives from the Oklahoma government, the federal government or your local utility company. Your local Henryetta solar panel installer can give you more information about which incentives you might qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Henryetta, OK Solar Incentives FAQs
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