30% Tax Credit, Saving Money, and Boosting Property Value with Solar Power
Our solar advisors meet so many Oklahomans who have “Sign up for solar” on their 2023 to-do list. We often hear it’s a matter of timing and finding the right fit to meet goals, from saving money to living greener. There has never been a better time to sign up for solar.
Consider these three benefits to your bottom line:
New 30% tax credit: The Inflation Reduction Act offers a tax credit for solar installation until 2032. Homeowners can deduct 30% of solar expenses. The Act enables 7.5 million households to install solar power, saving $9,000 or $300/year. The Act also provides up to $7,500 off electric vehicle purchases and Solar Power of Oklahoma is a certified Tesla installer. Find out more about tax credits here.
Save with solar by locking in your interest rate: Utility providers will continue to raise their rates but having solar power gives consumers an alternative. Rate hikes with traditional utility providers are unpredictable and make household budgets harder to plan, especially in months with high energy use. Financing through solar power makes payments more consistent every month of the year, with a low interest finance rate in place of a utility payment. Even as inflation has changed the lending landscape, applicants can still qualify as low as 3.99%.
Add to your property’s value: Investing in solar power contributes an average of $15,000 of additional value. Even as the real estate market fluctuates, having a system already installed on-site is an asset appraisers take into account. With eight years as a typical timeframe for return on investment, having solar power on your property can bring savings in the long and short term.