Solar Panel Laws in Oklahoma

When installing solar panels in the heart of Oklahoma, it’s important to note the region is still adapting to implementing systems such as this.

It has harsher laws in place compared to other parts of the nation.

Key Takeaways

• Oklahoma lacks a Renewable Portfolio Standard (RPS), opting for a renewable energy goal (REG) instead, indicating a less committed approach to green energy adoption.
• Oklahoma does not offer state-level tax credits, rebates, or exemptions for solar panel installation, relying solely on the federal Investment Tax Credit (ITC).
• The average electricity rate in Oklahoma is relatively low at 10.2 cents per kWh, but the state’s electricity tends to be environmentally unfriendly, contributing to higher pollution levels.

RPS in Oklahoma

Beginning with the concept of renewable energy, most states use what is known as an RPS (Renewable portfolio standard). This is simply a target set up by the state that can be hit to determine whether certain technologies are “green” and meet the required environmental targets.

In this case, Oklahoma doesn’t have an RPS in place. This means they go with a more non-committed approach to becoming green. It is known as the REG or renewable energy goal.

Due to this, the regulations are still leaning towards other energy sources rather than looking to become more and more renewable with time. This is something to note when it comes to solar laws in Oklahoma.

Tax Credits for Solar Panels

One of the critical details you will wonder about will be the underlying benefits of setting up solar panels on your property in Oklahoma. The state generally does not have an ITC or income tax credit built around this type of energy.

However, this doesn’t mean it is a hopeless cause, and you will not have another way out. Instead, you can still move forward with the 30% federal ITC, as that will make it much easier to set up the system and get it to work at an affordable rate.

On the same note, you will not have access to any rebates when setting up solar panels in the region.

As mentioned before, all of the rebates you will get will have to come from the federal level. The same applies to those looking for tax exemptions for this path.

Oklahoma doesn’t have these types of credits, which means any system being set up will have to face the brunt of the legal sales taxes in the state. This means you will have to be ready for a pretty sizable bill as soon as the installation of solar panels in the Oklahoma phase begins.

This means you will add at least 4.5% on your pay. It is also possible for additional sales taxes to go up to 8.4%, depending on where you are in the state.

Unfortunately, this is not where the damages will end regarding your finances. You must also account for taxes paid as the property’s value rises. There are no exemptions there, either.

Any time the property’s value increases, you must pay for that through property tax.

Electricity Rates in Oklahoma

To keep things in perspective, it’s essential to dig deeper and start looking at Oklahoma’s electricity rates to better understand what’s available to you.

Currently, the average is set at 10.2 cents per kWh, which must be accounted for when it is time to iron out your utility bills. You will want to consider this rate when figuring out how much you will save over the long haul.

Remember, the average solar energy setup will add value to your finances over the long haul because there is a sizable upfront cost to pay.

In general, these rates are pretty low. Still, you will also end up paying for a dirtier environment because Oklahoma’s electricity tends to be among the worst in the nation. This means you will pollute a lot more every time you use electricity.

Solar Loans

What about potential loans you can sign up for as a property owner?

Some companies offer zero-down loans, but this will be situational. Speaking to these companies during the consultation is recommended to learn more about your options.

Please note the government doesn’t offer these loans in the state.

Anything you are going to get will come from the company that is working on your property. Take the time to shop around and look for which company offers the best balance between quality and affordability to ensure you find a fair deal.

This is a must for moving forward in Oklahoma, with higher upfront costs to account for.

No Additional Incentives

Since Oklahoma doesn’t look at renewable energy in the same light as other states, it doesn’t have additional elements to benefit clients. This is something other states do.

The goal is to make tapping into these renewable energy sources easier through metering. The power goes into the power grid, and you get a small incentive for excess energy.

There is no such setup in the state of Oklahoma, and any excess energy that you are going to have will be yours.

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Map image by Wikimedia Commons User: TUBS / CC-BY-SA-3.0