Solar Power of Oklahoma opens in Edmond
According to the national Solar Energy Industries Association, since the Solar Investment Tax Credit (ITC) passed in 2006, the solar industry has grown nationwide by more than 10,000%. As such, it’s no surprise that Solar Power of Oklahoma has recently opened an office in Edmond.
“We think there are a lot of factors contributing to not only our growth but the growth of our industry,” said J.W. Peters, co-owner of SPO. “Fears and recent problems with the stability of the traditional electric grid, along with rising energy costs, are leading some homeowners to install solar systems and battery backup systems of their own.”
Solar Power of Oklahoma was founded in 2017. Not surprisingly, it’s both owned and operated in Oklahoma. The company works with homeowners and business owners to custom design and install solar systems.
The Solar Investment Tax Credit is a 26% credit for solar systems on both residential and commercial properties. Initially passed in 2006, it has now been extended by a two-year delay. Through the end of 2022, the credit will remain at 26%. In 2023, that will be reduced to 22%, and in 2024 it will be lowered to 10%.
Commercial solar projects may also benefit from the Modified Accelerations Recovery System (MARCS), with an additional 85% of the cost recovered through asset depreciation over the next five years.
According to the Solar Power of Oklahoma website, companies can expect to save around 60 to 65% on their electrical costs after investing in a solar system. The expected lifetime of a system is 25 to 30 years, and SPO’s average customer saves upwards of $60,000 during that time.
Peters is thankful for their recent growth and glad to join the Edmond business community. He shared, “Since we started our business, we’ve installed 1,500 systems. The growth has been steady, but we have started to see a surge of accelerated growth this year.”
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About Tim Priebe
Tim is a public speaker, author, publisher of Edmond Business, and the owner of T&S Online Marketing. He helps businesses that are worried they don’t have the expertise or time required to invest in doing their own digital marketing. He helps them plan where and how much to invest and often helps execute the plan.
Tim started the Edmond Business online magazine in May 2020 to fill a need in the community when The Edmond Sun shut down and stopped publishing their monthly magazine, The Business Times.