Solar Panels Cost in Oklahoma: 2024 Pricing Guide

Oklahoma has experienced the growth in solar energy usage at an exponential rate over the course of the past decade. The Solar Energy Industries Association (SEIA) places the state at 33rd for the new installations of solar capacity, where it installed over 88 MW in 2021 only. This implies that the country had installed 25MW in year 2020 establishing development of wind power has tripled. Collectively, Oklahoman now has more than 250 MW of solar energy in operation and with the current energy capacity is sufficient to electricity over 35,000 homes.

This guide will break down the expenses, incentives, and financial considerations for going solar in the Sooner State.

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As per the data available with the SEIA, the latest average installed cost per watt for the residential systems in Oklahoma is $2.71. However, costs for solar power and installation may vary depending on several factors and therefore, the current quotes from local installation companies are as follows; the costs start from $2.50 to $3.50 per watt. This cost includes the cost of the panels, inverters, mounting system, cabling and wiring, extra accessories, and the labor cost as well as the permit fee for the installation.

On average, the 5 kW size fits most residential applications in Oklahoma, the total installation cost for such a size varies from $15,000 to $21,000 not including any incentives. On the low end, 5 kW at $2.50 per watt is $12,500. On the high end, 5 kW at $3.50 per watt is $17,500. The table below shows the full range of estimated costs for different system sizes:

These overall price ranges are quite close to national averages that are reported to be between $2.50 to $3.50 per watt. However, there will always be those conditions which are peculiar to the site in question and these are what would lead to slightly higher or slightly lower prices. It will be necessary to seek actual bids from some of the trusted local solar companies to arrive at the exact total costs.

What Affects Solar Panel Costs In Oklahoma

While the system size measured in kilowatts is the primary determinant of total solar panel cost, there are several other important variables that impact pricing.

System Size

From the cost table mentioned in the above section, yes, it is indeed true that the cost of installing a larger solar system with greater power is naturally higher than that of a smaller solar system. Bigger systems, on the other hand, are generally less expensive on a per watt basis which is shown by the higher yields of MW scale projects. This is because economies of scale more fixed costs such as labour and permitting charges form a lower percentage of the total price.

Panel Efficiency and Type

There are three main technologies used in solar panels today, each with differing conversion efficiencies and price points:

• Monocrystalline silicon - Most efficient at 15-22% conversion; costs about $2.50 per watt
• Polycrystalline silicon - Slightly lower efficiency around 15-18%; costs roughly $2.25 per watt
• Thin-film (Cadmium Telluride) - Least efficient at 10-13%; cheapest at around $2.00 per watt

Monocrystalline and polycrystalline silicon panels that are made out of silicon wafers are by far the most popular in the residential applications due to their efficiency and cost. It has monocrystalline panels that slightly differ from the polycrystalline; they are smaller in size with black cells and produce more current per unit area. This is especially true for constrained roof spaces because the additional efficiency makes monocrystalline worth the moderately higher cost.

Thin-film panels made from slices of PV material laminated on a glass substrate costs less though uses up more surface area. Due to their very low cost, thin-film makes the most sense as applied to very large scale systems where available space is not severely limited. In many home systems, especially monocrystalline and polycrystalline silicon photovoltaic panels are preferred.

Installation Complexity

Another factor that is involved in this pricing factor is the installation process which is quite elaborate for solar panels. Lower costs in labour and structure materials are mainly associated with relatively simple projects on south-facing, shingled roofs that have fewer obstacles. Additional features lead to an increase in costs such as; more than one roof plane, poor access points, structural works, and a steep slope among others. Different roof types have varying degrees of reception for the solar panels; tilted shingle roof ideal for mounting hardware, flat and metal roofs may need more brackets and hardware for mounting.

Local Permitting and Inspection Fees

The expenses involved in obtaining permits, inspection, and taxes are also considered as costs which could also influence the overall solar panel system price. The cost to permit to install a solar system depends on the location in Oklahoma and may range from $200 -$600. Another $100 to $300 is spent for inspections for the overall permit fees. Oklahoma does not currently impose a sales tax for residential systems; however, customers should be aware that prices may vary by local jurisdiction that may impose extra taxes. For complex sites, one may need many inspections which could make the overall cost of permits even higher.

Oklahoma Specific Solar Incentives

To ease the high costs involved in purchasing solar panels, the residents of Oklahoma have the opportunity to claim the federal tax credit, utility rebates, and other incentives on solar. These programs offer savings of thousands of dollars which significantly enhance the ROI of going solar.

The existing federal solar tax credit is a 26% credit for systems placed in service through 2032. For general calculations, let’s assume that the customer installs a 5 kW system that costs $15,000 before incentives, this means that he gets $3900 in tax credits.

Even companies like Oklahoma Gas & Electric, electricity utilities in Oklahoma provide rebates of $0.50-$1.00 per watt and this can reduce the cost to the homeowner by an additional $2500 to $5000 on a 5 kW installation. Together, these incentives can cut the out of pocket sum by as much as $ 7000.

Cost Comparison: Ohio vs Nearby States

Compared to neighboring states, the costs to go solar in Oklahoma are very competitive:

Conclusion

Specifically, the cost of installing solar panels for the residents of Oklahoma can be compared with the current costs across the nation and other states. Taking into account all equipment, labor, permit, and incentives expenses, homeowners will be spending $2.50 to $3.50 per watt for a total solar panel system. This makes the total installed costs range between $15,000 and $21,000 for a 5 kW averaged residential solution. Federal tax credit, utility rebate and long-term electricity bill savings means that the payback period of the solar power in Oklahoma is 5- 7 years.

Considering possible future, even deeper, cuts in the price of solar installation by another five years, consumers in Oklahoma should go solar now. To anyone looking for ways of cutting on their energy bills and attaining energy independence, solar panels are a worthy investment.

FAQ

1. Will solar panels work during Oklahoma's stormy weather?

Modern solar panels are designed to withstand severe weather. While production may decrease during storms, your system will still generate power on cloudy days and will be connected to the grid for backup power.

2. How much roof space do I need for a 5 kW system?

A 5 kW solar system typically requires 300-400 square feet of unshaded south-facing roof space. Panels are usually mounted across multiple rows.

3. What financing options are available for installing solar panels in Oklahoma?

Most homeowners choose either a solar loan or solar lease. Solar loans allow you to borrow the money upfront and own the system. Solar leases involve zero down payment and monthly payments, but the installer owns the system. Cash purchase is also an option if you have sufficient funds.