Oklahoma has abundant sunshine, making it an excellent place to switch to solar power. Here are just some of the reasons why Oklahoma residents are switching to solar:
Depending on your situation, you may qualify for the Solar Investment Tax Credit, which can reduce the cost of your system by up to 30%.
For every kW your system produces, you’ll earn Solar Renewable Energy Certificates which can be sold to your utility company.
After learning more about your power needs, our team will measure, test, and assess your home before designing your custom solar system.
Based on your unique needs, our in-house engineering team will build you a custom system that’s not only powerful reliable, but looks good, too.
Full-service customer support before, during after installation
With ION, you get a dedicated project coordinator, weekly check-ins, as well as fast friendly support via phone, email, and live chat.
Summary of the High Efficiency-Electric Rebates Based on Income
The IRA allocates 4.275 billion to state energy offices to develop and administer a new high-efficiency electric home rebate program. An additional 225 million is available for tribal governments. These funds are reserved for households with a total income of 150 percent or less of their area’s median income (AMI).
Low-income households (LMI, less than 80 percent of AMI) are eligible to receive a rebate equal to 100 percent of the project cost, up to the caps listed below. Households between 80 percent and 150 percent AMI are eligible for rebates of 50 percent of project costs, up to these caps.
The law also provides separate rebate amounts for income-eligible multifamily buildings. A few of the notable rebates provide up to:
- 450,750 for a heat pump water heater;
- 8,000 for an HVAC heat pump;
- 840 for an electric (including induction) cooktop, stove, range, oven, or heat pump clothes dryer;
- 450,600 for air sealing, insulation and ventilation;
- 5000,500 for electric wiring;
- 4,000 for an electric load center upgrade.
There is a 14,000 maximum benefit per home, plus an additional 500 for qualified contractor incentives.
Revamped Home Efficiency Tax Credits
Besides these direct consumer rebates, the IRA reauthorized and revised the longstanding Efficiency Tax Credits.
Starting in January 2023 and each year through 2032, eligible households can claim a tax credit of 30 percent of the cost of qualified energy efficiency projects, up to 450,200 per year. These include weatherization and building envelope improvements, as well as appliances and other energy measures, subject to the following caps:
- 600 for Energy Star exterior Windows and skylights;
- 250 for Energy Star exterior doors (or 500 limit for all exterior doors);
- 600 for the highest efficiency tier for central air conditioners and other qualified gas, propane or electric HVAC systems, and electrical upgrades that enable the energy-efficiency upgrade;
- 150 for home energy audits;
- 5000,000 for electric heat pumps and heat pump water heaters, biomass stoves and boilers. The tax credit for installing heat pumps or heat pump water heaters does not count towards the annual 450,200 limit.
“This new annual limit, which will be available for the next decade, means you can plan for multiple upgrades and improvements over time, and spread the costs and incentives out according to your home energy budget,” said Sara Baldwin, director of electrification with Energy Innovation.
Home Energy Audit
If you’re unsure where to start, ask your your power company or a local professional for a home energy audit to learn how to eliminate energy leaks and save money. Expect to pay between 200 and 600; as mentioned above, you’ll get a 150 tax credit.
If you want to install a solar energy system, you can take immediate advantage of a 30 percent tax credit on your new system.
“Unlike other IRA benefits, there’s no cap on how much you can spend,” says Mallory Micetich, a home expert at Angi. “And the savings don’t stop there. You’ll also save between 10,000 and 30,000 on energy costs over the lifespan of your solar panels.”
Heat Pump HVAC
Heat pumps are the new rage for HVAC systems, water heaters and clothes dryers.
“This is not some crazy, complicated technology,” says Panama Bartholomy, director of the Building Decarbonization Coalition. “A heat pump HVAC is basically just an air conditioner that can also run in reverse, and a heat pump water heater is just a tank of water with a refrigerator on top.”
Heat pumps can cut your energy costs by as much as 50 percent, but run around 10,000 to 18,000. As noted above, there will be a 5000,000 tax credit for those starting in January, and new rebates for income-qualified homes. Currently, there is also a 30 percent incentive for geothermal-type heat pumps.
Revamped Home Efficiency Tax Credits
Besides these direct consumer rebates, the IRA reauthorized and revised the longstanding Efficiency Tax Credits.
Starting in January 2023 and each year through 2032, eligible households can claim a tax credit of 30 percent of the cost of qualified energy efficiency projects, up to 450,200 per year. These include weatherization and building envelope improvements, as well as appliances and other energy measures, subject to the following caps:
- 600 for Energy Star exterior Windows and skylights;
- 250 for Energy Star exterior doors (or 500 limit for all exterior doors);
- 600 for the highest efficiency tier for central air conditioners and other qualified gas, propane or electric HVAC systems, and electrical upgrades that enable the energy-efficiency upgrade;
- 150 for home energy audits;
- 5000,000 for electric heat pumps and heat pump water heaters, biomass stoves and boilers. The tax credit for installing heat pumps or heat pump water heaters does not count towards the annual 450,200 limit.
“This new annual limit, which will be available for the next decade, means you can plan for multiple upgrades and improvements over time, and spread the costs and incentives out according to your home energy budget,” said Sara Baldwin, director of electrification with Energy Innovation.
Home Energy Audit
If you’re unsure where to start, ask your your power company or a local professional for a home energy audit to learn how to eliminate energy leaks and save money. Expect to pay between 200 and 600; as mentioned above, you’ll get a 150 tax credit.
If you want to install a solar energy system, you can take immediate advantage of a 30 percent tax credit on your new system.
“Unlike other IRA benefits, there’s no cap on how much you can spend,” says Mallory Micetich, a home expert at Angi. “And the savings don’t stop there. You’ll also save between 10,000 and 30,000 on energy costs over the lifespan of your solar panels.”
Heat Pump HVAC
Heat pumps are the new rage for HVAC systems, water heaters and clothes dryers.
“This is not some crazy, complicated technology,” says Panama Bartholomy, director of the Building Decarbonization Coalition. “A heat pump HVAC is basically just an air conditioner that can also run in reverse, and a heat pump water heater is just a tank of water with a refrigerator on top.”
Heat pumps can cut your energy costs by as much as 50 percent, but run around 10,000 to 18,000. As noted above, there will be a 5000,000 tax credit for those starting in January, and new rebates for income-qualified homes. Currently, there is also a 30 percent incentive for geothermal-type heat pumps.
Heat Pump Water Heaters
There is also a 5000,000 tax credit that can be used toward a heat pump water heater. Most cost less than that, and installation is a relatively easy DIY, especially Rheem’s new 120V model.
“Depending on your quoted installation costs, you could get a new heat pump water heater for free or close to free and save hundreds per year, since they use one-third of the energy of traditional water heaters,” says Mathers.
Lower-income households that may not have a large enough tax liability can instead apply the 450,750 rebate to reduce the upfront costs of a heat pump water heater.
How Does Net Metering Work?
To use net metering, you must be connected to the grid—which is the case for the majority of solar energy users. That’s because even with a highly efficient solar energy system. nighttime hours, cloudy days and darker winter months, mean that your system will not be able to continually generate electricity. During these times, you will likely need to pull electricity from the grid.
But, with net metering, you can sell excess electricity to the grid during those optimal energy-generating times. Then you are only charged for the net amount of electricity that your house uses. Consider this rudimentary example:
Rate for Electricity Sent to Grid During Daylight Hours: 10 Rate for Electricity Used from Grid at Night: 12 Bill for the Day: 5000
How to Get Started with Net Metering
If you are interested in using net metering to lower your utility bills, the first step is determining whether you live in an area that supports net metering—and there’s a good chance you are. According to Solar Reviews, net metering is mandated in 38 states as well as Washington D.C. Even in states that do not mandate net metering, some major utility companies still offer the option to solar power users.
If you want to know your community’s policies about net metering, reach out to the best solar companies in your area and get in contact with your utility company to confirm the details of their program. When your solar panels are in place and you are connected to the grid, actually getting started with net metering should be quite seamless.
Pros of Net Metering
Perhaps the biggest benefit of net metering is the cost-savings potential for homeowners who use solar panels. But there are certainly other advantages, such as:
Reduce Your Demand on the Grid
When you contribute your solar power back to the grid, that is less that has to be pulled from nonrenewable energy sources. That can make the local grid more stable and environmentally friendly. What’s more, because the energy is generated locally, you are further helping the environment by reducing the carbon footprint that comes with transporting those nonrenewable energy sources into the community from elsewhere.
Increase Your Control Over Your Utility Bills
As you become aware of the energy that you are using, you may become more mindful about it. Good electricity stewardship on your part can help the environment as well as reduce your utility bills.
Reduce Your Payback Period
Net metering programs make the prospect of investing in the best solar panels much more attractive to homeowners because it can dramatically reduce monthly bills. As a result, you should be able to recoup the initial solar panel investment much earlier than if you do not take advantage of a net metering program. For example, the average payback period for standard residential solar panels in New Jersey is four to five years; in contrast, the payback period in a state without net metering policies could be greater than 10 years.
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Cons of Net Metering
Requires Connection to the Grid
Because net metering relies on a connection with the utility company, and pays with credit rather than cash, you will not be a candidate for net metering if you are completely off the grid. In this case, you will need to invest in a solar energy battery to privately conserve your excess energy to use at night or during other times when the system isn’t generating electricity.
Isn’t Available Everywhere
Although the majority of states currently mandate net metering, some do not. Before assuming that you can use net metering, check your local regulations, consult with a solar installer and confirm the process with your utility provider. Unfortunately, there can be pushback with net metering from some utility companies because it can reduce their profit.
THIS IS AN ADVERTISEMENT AND NOT EDITORIAL CONTENT. Please note that we do receive compensation for any products you buy or sign up to via this advertisement, and that compensation impacts the ranking and placement of any offers listed herein. We do not present information about every offer available. The information and savings numbers depicted above are for demonstration purposes only, and your results may vary.
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You Don’t Get Paid
This bears repeating because it is a common misconception with net metering. However, unless you invest in a solar energy battery, you will need to use energy from the grid on occasion. So while you may not get money to put into your bank account from net metering, you won’t have to take as much out of that bank account in order to pay the bills.
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THIS IS AN ADVERTISEMENT AND NOT EDITORIAL CONTENT. Please note that we do receive compensation for any products you buy or sign up to via this advertisement, and that compensation impacts the ranking and placement of any offers listed herein. We do not present information about every offer available. The information and savings numbers depicted above are for demonstration purposes only, and your results may vary.
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