2023 Solar Incentives Guide for Yukon, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Yukon.
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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Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Yukon?
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/
The term "solar incentives" refers to a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for several types of incentives, including discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Oklahoma and others from the federal government. Categories of solar incentives include:
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you exclude the value added by your solar system when you're calculating how much property tax you need to pay on your house.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Yukon utility company, they 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 other areas you may make back a percentage of the value.
- Rebates: Rebates, or partial refunds after a purchase, are normally applied before any solar tax credits are calculated. Solar rebates might be given by your local utility company, by your county or by your state.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. It's likely that you've 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 installing solar panels.
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. Originally, the tax credit was for 30% of the total cost — for panels, equipment, labor and accessories — although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
Speaking with your local Yukon solar panel installer is the best way to learn more about how the ITC may apply to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners can now apply for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. The total credit will then be decreased by a few percentage points every year until the date of expiration. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. To better understand how the new Clean Energy Credit applies to you, speak with your local Yukon solar installers.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more might be available at a more local level. These incentives might be provided by the Oklahoma government, or by your county or municipality. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Yukon
Solar incentives can come from the Oklahoma government, the federal government or your local utility company. The large number of solar incentives available has contributed to a large increase in solar energy use in the last 15 years. Contact your local solar panel installation company today to learn more and to save the most money possible on solar panels for your Yukon home.
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Sunpro Solar
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Best Technology
Tesla Energy
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- Customer service varies by local dealer
EcoWatch's Yukon, OK Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
Broadly, solar incentives apply to:
- a new solar system
- installed on a property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the Oklahoma government or by your county/municipality, could have additional qualifications. Get in touch with your local Yukon solar installer to discover what incentives your project will qualify for.
How much will solar panels save me on my electric bill in Yukon annually?
Once you add solar panels to your house in Yukon, you can expect to save approximately $959.17 per year, or approximately $18,224.30 over 20 years.
What are the top solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to Yukon's best solar panel companies.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now named the Clean Energy Credit, is set to end 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 incentives both towards the initial 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 ensure you are claiming all of the incentives you qualify for and applying them in the correct order.
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.