Between tornadoes that treat our roofs like frisbees and summer electric bills that rival car payments, being an Oklahoma homeowner sometimes feels like playing financial whack-a-mole.
The good news? There are more ways to save money than you might think, and I'm not talking about clipping coupons or reusing dryer sheets.
Start with the big kahuna: Solar energy can save you serious money
Here's something that might surprise you: Oklahoma gets more sunny days than California's wine country. With over 230 days of sunshine annually, we're basically sitting on a goldmine of free energy, yet most of us are still paying OG&E ridiculous rates every month.
The numbers are pretty compelling. Right now, you can get a 30% federal tax credit on solar installations. That means if you install a $15,000 system, Uncle Sam gives you back $4,500. Not too shabby, right?
What solar really costs (and saves) in Oklahoma
Let me break down the actual numbers, because solar companies love to make this stuff confusing. As of July 2025, solar panels in Oklahoma cost about $2.39 per watt. For a typical 5 kW system (which is what most homes need), you're looking at $10,150 to $13,732 before incentives.
Yeah, I know… that's still a chunk of change. But here's where it gets interesting:
- Average payback period: 7-10 years
- Total savings over 20 years: $21,177 to $26,000
- Monthly electric bill reduction: Often 80-100%
Plus, Oklahoma's major utilities offer net metering, which means when your panels produce extra power on those blazing July days, you get credits for the electricity you send back to the grid. It's like having a solar savings account.
Want to see what solar could save you? Check out the EnergySage Marketplace for custom quotes from local installers. Just don't let them talk you into the gold-plated panels… regular ones work just fine.
Your property taxes are probably too high (here's how to fix that)
Good news first: Oklahoma has some of the lowest property tax rates in the nation. We're talking 0.74% to 0.90% on average, compared to places like New Jersey where they're paying over 2%. But even with our low rates, why pay more than necessary?
The median property tax in Oklahoma is just $796 for a home worth $107,700. Not terrible, but there are several ways to reduce this even further.
Property tax exemptions you're probably missing
Here's what drives me crazy… tons of Oklahoma homeowners qualify for exemptions but never apply for them. It's literally free money sitting on the table:
The Homestead Exemption is the big one. If you live in your home (not renting it out), you get $1,000 knocked off your taxable value. That might not sound like much, but it adds up year after year.
Additional exemptions that stack:
- Income under $30,000? Extra $1,000 off
- Over 65? Freeze your property value
- Disabled veteran? Major savings available
The senior valuation freeze is particularly sweet. If you're 65 or older and make less than the income limits (which vary by county… $89,500 in Oklahoma County, $86,600 in Tulsa County), your property value gets frozen. Even if your neighbor's identical house doubles in value, your taxes stay the same.
Want to apply? Head to your county assessor's website or stop by their office. The whole process takes about 10 minutes, and you only have to do it once.
Energy bills: The monthly budget killer you can actually tame
Let's talk about those electric bills that make you want to cry every August. The average Oklahoman pays $133.10 per month for electricity, using about 1,069 kWh at roughly 12.46 cents per kWh. Sure, that's 36% below the national average, but it still hurts when that summer bill hits $250+.
The thing is, there are tons of programs to help reduce these costs, but nobody talks about them at neighborhood barbecues.
Free weatherization (yes, actually free)
If your household income is under $65,000 and you live in a home that's less than 2,200 square feet and at least 10 years old, you might qualify for PSO's weatherization program. They'll literally come to your house and:
- Add attic insulation
- Seal air leaks
- Fix duct problems
- Install weather stripping
Average savings? About $283 per year. That's like getting two free months of electricity.
OG&E has a similar program called WRAP for households making under $50,000. The income limits are pretty generous, so don't assume you don't qualify without checking.
LIHEAP: Your emergency backup plan
When that polar vortex hits and your heating bill looks like a mortgage payment, there's help available. The Low Income Home Energy Assistance Program (LIHEAP) runs year-round for emergencies, with specific application periods:
- Winter heating help: December 17 – February 28
- Summer cooling assistance: July 15 – September 30
You apply at OKDHSLive.org, and they can help with both regular bills and crisis situations. I've seen it save families from having their power shut off during 100-degree heat waves.
Simple stuff that actually works
Look, I'm not going to tell you to unplug your toaster to save 12 cents a year. But these actually make a difference:
- LED bulbs (saves $75+ annually)
- Smart thermostat ($180+ yearly savings)
- Fixing that leaky faucet ($35 per drip)
- Using ceiling fans correctly (most people have them spinning the wrong way)
Insurance: The necessary evil that's getting more evil
Alright, this is where things get a bit depressing. Oklahoma homeowners insurance averaged $2,040 per year, and it's climbing faster than a storm chaser heading toward Moore. In fact, rates jumped 42% between 2018 and 2023, and companies are asking for another 10% increase in 2025.
Why? Because in 2023, insurance companies in Oklahoma paid out $105 for every $100 they collected. That's not a sustainable business model, folks.
How to fight back against rising premiums
First, shop around. Seriously. State Farm is currently offering policies at $3,149 per year for $350,000 in coverage… that's $1,650 below the state average. The difference between the cheapest and most expensive insurers can be thousands per year.
Money-saving strategies that work:
- Bundle home and auto (15-25% savings)
- Raise your deductible to $1,000
- Install storm shutters or impact windows
- Join the Strengthen Oklahoma Homes program
That last one is huge. The state's new program provides grants to fortify your home against storms. We're talking real improvements that can cut your premiums by 20-35% while actually protecting your house. It's like getting paid to tornado-proof your home.
Don't forget to document everything
Here's a tip from someone who learned the hard way: create a home inventory NOW, not after the storm hits. Walk through your house with your phone, open every drawer and closet, and narrate what you're seeing. "Here's my 65-inch TV I definitely didn't buy during the pandemic…"
Upload it to the cloud and send a copy to your insurance agent. If disaster strikes, you'll thank yourself.
First-time homebuyer? There's money waiting for you
If you're still renting because you can't save up a down payment, I've got good news. Oklahoma has some surprisingly generous programs for first-time buyers (and remember, "first-time" means you haven't owned a home in the past three years).
State and local down payment assistance
The Oklahoma Housing Finance Agency offers 3.5% down payment assistance on their OHFA Gold and Dream loan programs. On a $200,000 house, that's $7,000 you don't have to save.
But wait, there's more (I've always wanted to say that):
- Oklahoma City residents: Up to $18,000 in assistance
- Stillwater: Up to $5,000 (forgiven after 7 years)
- REI Oklahoma: Up to 5% assistance statewide
Teachers, first responders, and state employees often get special reduced rates too. My neighbor who teaches at the high school saved almost $100 a month on her mortgage payment just by asking about the teacher discount.
How to actually get this money
- Complete a homebuyer education course (usually free)
- Work with an approved lender
- Find a home within the price limits
- Don't make too much money (income limits apply)
The whole process is way easier than you'd think. Most people spend more time choosing a Netflix show than applying for thousands in free money.
Storm prep: An ounce of prevention beats a pound of insurance claims
Living in Oklahoma means accepting that Mother Nature occasionally wants to rearrange your neighborhood. We can't stop tornadoes, but we can definitely prepare better for them.
In 2024, we've already had 152 tornadoes… double our normal amount. Between 2019 and 2024, tornadoes caused $117 million in property damage statewide. That's a lot of destroyed roofs and scattered trampolines.
Pre-storm checklist that saves money
Before storm season hits (ideally by March), knock out these tasks:
- Trim dead branches near your house
- Secure or store outdoor furniture
- Check roof shingles and attachments
- Clean gutters (clogged gutters = water damage)
- Install surge protectors for electronics
- Create that home inventory video
Each of these prevents specific types of damage that insurance companies love to haggle over. "Was that tree already dead before the storm?" Yes, it was, and now it's not going through your roof.
The shelter question
Storm shelters aren't required in Oklahoma (surprisingly), but they're worth considering. Beyond the obvious safety benefits, they can:
- Reduce insurance premiums
- Increase home value
- Qualify for tax credits
- Provide peace of mind
If you can't afford a full shelter, even a reinforced closet or bathroom can make a difference. And register whatever shelter you have with your city so emergency crews know where to find you.
Water conservation: Small changes, real savings
Oklahoma City has permanent odd/even watering restrictions now, which honestly should have happened years ago. If your address ends in an even number, you water on even days. Odd number? Odd days. Revolutionary concept, right?
Your water and sewer bills average about $45 monthly, but that can spike during summer lawn watering season or if you have a hidden leak.
Easy ways to cut water costs
- Fix running toilets immediately ($100+ per month if ignored)
- Install low-flow showerheads ($50-75 yearly savings)
- Use native plants instead of thirsty grass
- Collect rainwater for gardens (when we actually get rain)
- Run dishwashers and washing machines with full loads only
The city occasionally offers rebates on water-efficient appliances, so keep an eye out for those programs.
Don't leave tax money on the table
When tax time rolls around, make sure you're claiming everything you're entitled to. The big ones for homeowners:
Mortgage interest deduction: On loans up to $750,000 (taken after 2017), you can deduct all that interest you're paying. For most Oklahomans, that's thousands of dollars in deductions.
State and local tax deduction: You can deduct up to $10,000 in property taxes and state income taxes combined. Not as good as it used to be, but still worth claiming.
Energy efficiency credits: That solar system we talked about? 30% tax credit. New energy-efficient HVAC? Credits available. Even a smart thermostat might qualify.
Home office deduction: If you're self-employed and use part of your home exclusively for work, you can deduct $5 per square foot up to 300 square feet. That's up to $1,500 off your taxes.
Form 5695 is your friend
To claim energy credits, you'll need IRS Form 5695. It's actually pretty straightforward… for a tax form. Just keep all your receipts and documentation.
Your money-saving action plan
Alright, so we've covered a lot of ground here. Let me break down what you should actually do this week:
- Check your property tax exemptions: Seriously, do this today. It takes 10 minutes and could save you hundreds annually.
- Get solar quotes: Even if you're not ready to buy, knowing your options helps with planning. Use EnergySage for no-pressure comparisons.
- Shop your insurance: Get at least three quotes. State Farm seems cheapest right now, but your situation might be different.
- Schedule a home energy audit: Many utilities offer these free or cheap. They'll find problems you didn't know existed.
- Apply for weatherization: If you qualify income-wise, this is free money. Don't let pride keep you from saving hundreds annually.
The bottom line
Between solar incentives, property tax exemptions, weatherization programs, and insurance shopping, the average Oklahoma homeowner can realistically save $2,000 to $5,000 per year. Some folks with perfect circumstances might save even more.
Look, I know this stuff isn't exactly thrilling. Nobody dreams about property tax exemptions or gets excited about weatherization. But you know what is exciting? Having an extra few thousand dollars each year for things that actually matter to you.
Start with the easy stuff… those property tax exemptions and insurance quotes. Then work your way up to the bigger investments like solar panels or storm improvements. Every dollar you save is a dollar you earned, tax-free.
And hey, at least our property taxes aren't like California's. We've got that going for us, which is nice.
