2023 Solar Incentives Guide for Lawton, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lawton.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Lawton?
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
Solar incentives are designed to encourage people to switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are provided by the Oklahoma government or your utility company, county or municipality. 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. (A tax credit is different from a tax deduction.)
- Net Metering: Be sure to speak with your Lawton utility company about signing a net metering contract. This will allow you to receive credit towards your monthly utility bill for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Your solar panel system could 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 that solar panels add when you are calculating property taxes on your home.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before any tax credits are calculated.
Federal Solar Incentives
When thinking about solar incentives, federal incentives may be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of the cost of your solar system.
The ITC can be applied to the total cost of solar system installation, including the panels themselves as well as equipment, accessories and labor. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Your local Lawton solar panel installer can provide more information about the ITC and how it applies to your situation.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022 and completed by the end of 2032. After this, the percentage will be reduced slightly each year until the program expires in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Lawton solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these could include tax credits, rebates and more. Incentives might be offered by the state of Oklahoma, or by your county or municipality. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Lawton
Solar energy use nationwide has significantly increased in the past 15 years, in part due to the proliferation of solar incentives. You can obtain these incentives from your local utility company, the federal government or the Oklahoma government. When you're prepared to switch over to solar energy, reaching out to your local Lawton solar panel installation expert is a great first step.
- 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
Best Warranty Coverage
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lawton, OK Solar Incentives FAQs
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to better understand what incentives apply to your specific situation.
If my house already has solar panels, can I still claim incentives?
An excellent idea would be to talk to the company that installed your system — or speak to a local Lawton solar installer — to learn about which incentives you may 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%.
When does the federal solar tax credit end?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
If I change out my appliances for ones that can utilize solar energy, are there credits that I can claim?
The recently passed Inflation Reduction Act includes provisions for several incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I receive incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on precisely which incentives you are applying for, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to ensure that you are claiming the correct incentives and getting the most money possible.
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.