If you live in Oklahoma, there's a good chance you've had an out-of-state solar salesperson knocking on your door. While many homeowners might find this annoying, it's actually a sign of something significant: solar energy is gaining traction in the state.
This isn't surprising, given that Oklahoma enjoys abundant sunlight, making solar power a smart and efficient choice. More and more residents are switching to solar energy to reduce their electricity bills. Investing in solar panels is a wise decision that pays off over time. The average cost per watt for solar panels in Oklahoma is about $2.68. So, for a 5kW solar system, you'd be looking at an investment of around $13,400. However, there are ways to significantly reduce these costs and save money on your energy bills.
Key Takeaways
Competitive Pricing: Solar panels in Oklahoma cost about $2.68 per watt, lower than the national average of $3.01 per watt.
Significant Savings: Federal tax credits can reduce installation costs by 30%, with potential savings up to 70% on electricity bills.
Incentives: State-specific rebates and utility company rebates further lower the upfront costs.
Flexible Financing: Options include cash purchases, solar loans, leases, and PPAs.
Minimal Maintenance: Solar panels require low upkeep, ensuring long-term efficiency and savings.
Solar Panel Cost in Oklahoma
The average cost per watt for solar panels in Oklahoma is about $2.68, which is quite competitive compared to the national average of about $3.01 per watt. For a typical 10kW system, this translates to an estimated cost of $26,800. However, with the federal tax credits, you can reduce this cost by 30%, bringing the net cost down significantly.
Average Cost of Solar Panel Installation in Oklahoma by System Size
The total cost of your solar panel system largely depends on the size. Here's a breakdown:
System Size | Average Cost | Average Cost (after federal tax credit) |
3 kW | $8,040 | $5,628 |
5kW | $13,400 | $9,380 |
7kW | $18,760 | $13,132 |
9kW | $24,120 | $16,884 |
11kW | $29,480 | $20,636 |
Other Factors Affecting Solar Panel Cost in Oklahoma
Panel Type: High-efficiency panels like monocrystalline are more expensive but produce more electricity in less space. Lower-efficiency panels are cheaper but require more space to generate the same output.
Batteries: Adding solar batteries increases costs but maximizes energy use and provides backup during outages. Battery costs depend on capacity and brand.
Roof Condition: Your roof should be in good shape before installation. Since solar panels last 25 to 30 years, ensuring your roof lasts as long prevents extra costs for panel removal and reinstallation.
Installation Complexity: Labor costs are influenced by roof complexity. A simple roof is cheaper to install on than a complex, shaded one.
Permits and Fees: Local permits and inspection fees vary by city, impacting the overall cost. Larger systems might require additional permits.
Installer Rates: Labor rates differ between installers. Getting multiple quotes ensures competitive pricing.
Ongoing Maintenance: Solar panels need minimal maintenance, but factor in potential repair and cleaning costs over their lifespan.
These factors combined can help you determine the overall cost of your solar panel system in Oklahoma, ensuring you make an informed investment in renewable energy.
Maximizing Savings with Oklahoma Incentives
Federal Incentives
One of the most significant ways to reduce the cost of your solar installation is through the federal solar tax credit, known as the Investment Tax Credit (ITC). This credit allows you to deduct 30% of the cost of installing a solar energy system from your federal taxes. For example, if your solar installation costs $15,00, you could potentially reduce your tax bill by $4,500.
State and Local Programs
In addition to federal incentives, Oklahoma offers various state-specific rebates and programs to make solar more affordable. The state encourages the use of renewable energy through rebates provided by local governments and utilities. These programs vary by location but can significantly lower your upfront costs.
Utility Company Rebates
Local utility companies in Oklahoma also provide rebates to encourage solar adoption. These rebates are often based on the size of your solar system and can cover a substantial portion of the installation cost. Utility company rebates, combined with federal and state incentives, can drastically lower your overall expenses and shorten the payback period of your solar investment.
Financing Your Solar Installation
If you've ever wondered about funding your solar energy system, you’re not alone! There are flexible options that make transitioning to solar energy in Oklahoma feasible.
Cash Purchases: Paying for your solar system upfront means you own it outright, avoiding interest and financing fees. This can result in the highest long-term savings, but requires significant initial capital.
Solar Loans: These loans allow you to spread the cost over several years, making solar more accessible. Options include secured loans like home equity loans, which offer lower interest rates but require collateral, and unsecured loans, which have higher rates but no collateral requirements.
Leases and PPAs: With a solar lease, you pay a fixed monthly fee to use the solar system. A Power Purchase Agreement (PPA) involves paying for the electricity generated. Both options reduce upfront costs but mean you don't own the system, potentially missing out on some financial benefit.
Switching to solar energy in Oklahoma is a smart and sustainable investment that can lead to substantial long-term savings. With competitive pricing at about $2.68 per watt and the potential for significant reductions through federal tax credits and state-specific incentives, the financial benefits are clear.
If you're considering making the switch to solar panels, contact us today for a free solar quote and uncover the incredible savings you can achieve with solar energy in Oklahoma.
FAQs
What is the average cost of solar panels in Oklahoma?
The average cost of solar panels in Oklahoma is about $2.68 per watt. For a typical 10kW system, this translates to approximately $26,800 before incentives. This cost is competitive compared to the national average of $3.01 per watt, making Oklahoma an attractive option for solar investment.
Are there any government incentives for installing solar panels?
What financing options are available for solar panels?