2024 Solar Incentives Guide for Norman, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Norman.
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 Norman?
Oklahoma Electric Cooperative - Energy Efficiency Rebate Program
Geothermal Heat Pumps: $375-$1050/ton
Desuperheater: $225/unit
Electric Water Heaters: $180
Commercial LED Retrofit: contact Randy Harnsberger at (405) 217-6705
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives encourage homeowners to make the switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Solar incentives could include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the Oklahoma government and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. Any rebates you receive will usually come off the total price before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- 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. They may also include exemptions on sales tax at the time of purchase.
- Net Metering: Net metering factors in after your solar panels are up and running. If you have in place a net metering agreement with your Norman utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.
Best National Provider
SunPower
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- Customer service varies by local dealer
Best Technology
Tesla Energy
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Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.
The ITC is applied to the total cost of installing a solar system, including the panels themselves as well as accessories, equipment and labor. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
To understand exactly how much money the ITC could save you, contact your local Norman solar panel installer.
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 Clean Energy Credit re-raises the credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. At this point, the credit percentage will see a slight decrease annually until the end of the program in 2035. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. Your local Norman 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 are often also provided at the state and local level. Like with federal incentives, these might include tax credits, rebates and more. Some incentives are ongoing, while others are offered for only a limited time. Your local solar incentives might come from your county or municipality, or from the Oklahoma government.
Next Steps for Installing Solar in Norman
Solar incentives might be offered by your local utility company, the federal government or the Oklahoma government. The large number of available incentives has contributed to a large increase in solar energy use in the last 15 years. It is a good idea to talk to your local Norman solar installer to learn more about these incentives and to make sure that you're getting the most money possible for your solar system.
EcoWatch's Norman, OK Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
It's a good idea to talk to your local Norman 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 property you own (in the U.S.) within a specified date range. Some incentives, like those offered by the government of Oklahoma, might have additional requirements.
How much will solar panels save me on my electric bill in Norman annually?
On average, homeowners in Norman who install solar panels save about $920.57 per year, or approximately $17,490.76 over 20 years after making the switch.
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 set 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.
Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives apply to a property located within the United States that you own; most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend getting in touch with your local solar installer and/or tax professional to best understand what incentives apply to your specific situation.
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.