Solar is a financial investment, but there are ways to minimize upfront costs. Many incentives and tax rebates are available at the local or federal level. Depending on your utility company, you may be able to participate in an Utah power buyback program, which allows you to sell your extra power back to your utility company.
Some incentives are time-sensitive, so call Custom Energy today to learn more about your options.
If you install your system before 2032, you can receive a 30% tax credit on the cost of your system. That credit includes the price of equipment, labor, getting permits and the batteries. This credit only applies when you first install your system. There is no cap on the amount you can claim.
However, the amount of credit you’re eligible for depends on your tax liability. We can help you determine what that is and walk you through the federal incentives that may be available.
Utah offers a personal tax credit for installing solar panels, but the status of those solar rebates is ever-evolving. The amount has changed over the last few years, and the state-level tax credit is set to expire in 2024. Through the end of 2023, the tax credit for installing solar panels on your home is set at 25%, and it’s capped at $400.
“Net metering” is a process where you can sell your extra power back to your utility company. But is there a Utah power payback program?
Rocky Mountain Power, the dominant utility company in Utah, has switched from net metering to a process called “net billing.” Under net billing, you generate and use your own solar electricity. When you produce extra, that power is sent to their grid. While you can’t make money from it, the solar power you gave Rocky Mountain Power is applied as a bill credit. So, you won’t make a profit, but you will see a difference in your bill.
The rate at which Rocky Mountain Power buys your electricity will change. Due to fluctuating prices, you will typically receive a smaller bill credit from October to May.
If a municipal electric company powers your home, check if they participate in a buyback program.
Rebates, tax credits and other incentives are only the beginning. Utah is a sunny location, making it a prime area for solar panels. Once you install solar panels on your roof, you’ll immediately take a step toward a greener, more independent energy future and save money along the way.
While you may not be eligible for an Utah power buyback program, you can still take advantage of bill credits to save. Adding a battery system to your house will also help you cut costs since you can use that stored power to run your appliances during peak consumption times when your utility company charges you more.
The status of solar rebates and incentives is constantly changing. It is also highly dependent on where you live. At Custom Energy, we are experts in the options for your home. Contact us to get your questions answered today.
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*As of November 2020.