2023 Solar Incentives Guide for Moore, OK - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Moore?

Source: https://www.dsireusa.org/

The term "solar incentives" includes a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for different kinds of incentives, such as cash back, discounts 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. Types of solar incentives might include:

• Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits are different from tax deductions.
• Tax Exemptions: Your solar system may qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect 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.
• Net Metering: You can sign a net metering agreement with your Moore utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
• Rebates: Rebates, or cash back after a purchase, are typically given prior to any solar tax credits being calculated. These rebates can be provided by your local utility company, by your county or by your state.

Federal Solar Incentives

When you hear the term "solar incentives," federal incentives may be the first thing that comes to mind. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on solar panels for your home.

The ITC can be applied to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, accessories, labor and equipment — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.

To more fully understand how the ITC will apply to your situation, contact your local Moore solar panel installation expert and ask for more information.

The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit is valid until 2035. American homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This new credit will then be decreased by a few percentage points every year until its expiration. The expansion to the program 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 fully understand how the new Clean Energy Credit might apply to you, get in touch with your local Moore solar installation expert.

State & Local Solar Incentives

Not all solar incentives are federal; rebates, tax credits and more might also be offered at the state and local level. Some incentives are offered for only a limited time, while others are ongoing. These local incentives might come from your county or municipality, or from the Oklahoma government.

Next Steps for Installing Solar in Moore

Solar incentives may come from your local utlity company, the Oklahoma government or the federal government. The large number of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. If you're ready to make the switch to solar energy, calling your local Moore solar panel installation expert is an excellent place to start.