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Useful Information About the Utah Solar Tax Credit

December 19, 2020 | 2 Comments

Installing solar panels at your home is an incredible investment. Not only will it save you money for years to come, but it will also contribute to a healthier planet.

On top of the savings you will receive on your electric bill, you may also be eligible for various rebates from your power company, as well as tax credits from the government.

If you live in Utah, the Utah solar tax credit could be the perfect reason to equip your home with solar today. Here’s everything you need to know about the Utah solar program and how you can save money.

What Is the Utah Solar Tax Credit?

The solar tax credit in Utah is available for all residents who want to install solar power at their homes. It’s also known as Utah’s’ Renewable Residential Energy Systems Credit. Our nation, and individual states, have goals of decreasing our dependence on fossil fuels and creating more clean energy.

As a result, the government is willing to provide tax credits to those who install new systems. In 2021, the tax credit will be 25% of the total installation cost, but Utah solar laws cap this tax credit at $2,000.

That’s as much as $2,000 in savings for a new solar panel installation! It’s a good time to be a Utahn.

Other Solar Incentives in Utah

Other than the Utah solar tax credit, there may be some other incentives available to you as well. The Federal Solar Tax Credit has been a major rebate available over the last few years for new solar installation.

However, 2021 is the last year to have solar installed in order to receive this tax credit. For 2021 installations, the tax credit will be 22% of the total installation cost with no cap on the amount you receive.

And for those who are Rocky Mountain Power customers, you can also benefit from their net metering program. If you generate more energy than you use, it can be sent and sold back through their power grid, offering you another way to save money.

How to Get Started With Solar Power

The first step is to reach out to local solar companies. You can start by typing, “top solar companies near me,” online. Call multiple companies for a free quote. Different providers install different types of solar power panels and power storage devices.

You can also use an online calculator to estimate how much money you will save each month by switching to solar power. To qualify for maximum rebates and credits, you’ll need to have your solar power installed by a licensed contractor. This will ensure your solar power generation is actually as effective as it should be.

Claim Your Credit

For those living in Utah, installing solar power in 2021 could mean double the tax credits. You can get both the Utah solar tax credit and the federal solar tax credit, which could mean up to 50% savings on your total cost.

Since this is the last year for the federal tax credit, this is the best time for a new installation. Contact your local solar provider today to start saving money and saving the planet.

If you found this article informative, be sure to check out some of our others.

 

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