Oklahoma’s Voluntary Renewable Portfolio Standards
With a deadline of 2015, the latest Renewable Portfolio Standards (RPS) in Oklahoma have long expired. The goal was to meet 15% of the state’s power demands with renewable energy sources by 2015. The standards were voluntary in Oklahoma, not mandatory as in some other states.
Oklahoma has net metering laws. Net metering governs how solar panels and other renewable energy generators are connected to the public utility, allowing customers to offset the cost of the power they draw from the utility with credits they earn on their own production. If your system produces more power than you need, the excess is sold to the grid, which you see as a credit on your energy bill. States with strong net metering laws are an asset to homeowners because they smooth the way to get a solar system connected to the public grid.
Federal Tax Credit Too
Those in Oklahoma also qualify for the great tax credit from the Federal government. The Investment Tax Credit (ITC) is now worth 26 percent of the system cost, and will be deducted from your Federal income tax. The credit goes to those who buy their system (cash or loan), not to those who lease. If you lease a system, then all of the incentives go to the third-party owner. That’s a great reason to buy rather than lease.