Are you considering investing in a
solar electric system in the near future?
Not only does making the switch over to solar benefit the environment but it also can benefit your wallet. When purchasing a solar electric system you will save at least 30% off the cost of your system by applying the federal solar tax credit.
Federal Tax Credit
In your process of researching solar panels you will most likely stumble upon the Renewable Energy Tax Credit (For residential & commercial) also known as the Federal Investment Tax credit (ITC). This tax credit allows you to claim up to 30% of the price you pay to install solar panels, which in return will discount the net cost of your solar system significantly. If the federal tax credit exceeds your annual tax liability, the excess amount may be carried forward to utilize full tax credit in subsequent years.
Utah Tax Credit
Everyone in Utah is eligible to take a personal tax credit when installing a solar electric system. The tax credit for a residential system is 25% of the purchase and installation costs a maximum of $2,000. The tax credit for a commercial system is 10% of the system cost and installation costs up to a value of $50,000.
Utah Solar Power Rebates
There are a couple utility rebates for Utah solar panels. Rocky Mountain Power is Utah’s biggest electrical supplier and supplies 80% of the state’s power. They offer customers a rebate of $1,100/kW up to a maximum incentive of $4,400 with a maximum system size of 25kW.
We know that many of these numbers can get confusing. We’ll take care of the paperwork so you don’t have to.