2024 Solar Incentives Guide for Ponca City, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ponca City.
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 Ponca City?
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 make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Incentives could include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are offered by the state of Oklahoma or by your specific utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or cash back after a purchase, are usually given before any solar tax credits are calculated. These rebates may be provided by your local utility company, by your county or by your state.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when you calculate how much property tax you need to pay on your house.
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you have a net metering agreement with your Ponca City utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
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 people think of solar incentives, federal incentives might be the first thing that comes to mind. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a predetermined percentage of the money you spend on your solar system.
The ITC applies towards solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. This credit can apply towards a solar panel system installed on a primary or secondary residence that you own in the United States. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
To better understand how the ITC could apply to you, reach out to your local Ponca City solar panel installer and request more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). The new Clean Energy Credit now runs until 2035. You are now eligible for a 30% credit for solar systems installed between 2022 and 2032. This credit will then see a slight annual decrease until it expires. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit will apply to you is to speak with your local Ponca City solar panel company directly.
State & Local Solar Incentives
Rebates, tax credits and more can be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones as well. These incentives may be given out by the Oklahoma government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Ponca City
Solar incentives might come from the federal government, the Oklahoma government or your local utility company. The variety of incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Ponca City solar panel installation expert can help you learn more about which incentives you should apply for, and get you started on the path to switching to renewable energy today.
EcoWatch's Ponca City, OK Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Ponca City home?
On average, Ponca City homeowners who install solar panels save around $966.78 per year, or about $18,368.82 over 20 years after making the switch.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is scheduled 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.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can claim?
The new Inflation Reduction Act provides several incentives that reward homeowners for making eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I claim incentives both towards the up-front 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 in most cases yes, you can receive multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to make sure you are claiming all the incentives you qualify for and applying them in the correct order.
Can I use a combination of multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to talk through your ideas with your local Ponca City solar installation expert. They can help you with the plan for your project and educate you on the various incentives that you might or might not qualify for.
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.