2024 Solar Incentives Guide for Guymon, OK - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Guymon.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Guymon?
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to encourage homeowners to switch to renewable energy by providing incentives that lower the financial burden of solar panel installation and use. These incentives may include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the state of Oklahoma and some by your utility company, county or municipality. Types of solar incentives might include:
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
- Rebates: A rebate is a partial refund given after you've purchased your solar system. These might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have a net metering agreement in place with your Guymon utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when paying property tax on your home.
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Federal Solar Incentives
When thinking about solar incentives, you probably think of federal incentives first. One of the incentives that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a predetermined percentage of the cost of your solar system.
The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, labor, equipment and accessories – although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Your local Guymon solar panel installation expert can offer more information about the ITC and how it applies to your situation.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now receive a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then decrease annually until the Clean Energy Credit ends in 2035. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. The easiest way to learn more about how the new Clean Energy Credit might apply to you is to get in touch with your local Guymon solar panel installers.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Similar to federal incentives, these can include tax credits, rebates and more. Incentives might be provided by your county or municipality, or by the state of Oklahoma. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Guymon
The expanding number of available solar incentives has enormously increased the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from your local utility company, the federal government or the Oklahoma government. Reach out to your local solar panel installation expert today to find out more information and to save as much money as possible on solar panels for your Guymon home.
EcoWatch's Guymon, OK Solar Incentives FAQs
How can I find out if I qualify for specific solar incentives?
It's best to speak with your local Guymon solar installer to get an understanding of which incentives your project may qualify for. In most cases, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those offered by the government of Oklahoma, might have additional requirements.
How much can I save annually on my electric bill if I add solar panels to my Guymon home?
On average, homeowners in Guymon who install solar panels save about $1,254.72 per year, or about $23,839.61 over 20 years after they make the switch.
What are the environmental benefits of switching to solar energy?
You can lower your carbon footprint by 500 pounds of CO2 annually when you switch to solar panels. This adds up to approximately 11,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly called the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can claim both rebates and tax credits towards the cost of your solar panels. Depending on which incentives you are claiming, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to ensure that you are claiming incentives correctly and that you're getting the most money you can.
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.