Financing and Incentives
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While the price of solar has decreased dramatically over the last decade, cost remains the primary concern for many homeowners who consider switching to solar. For those who fear that they cannot afford solar energy, financing opportunities and tax credit incentives can help make it more accessible. Read on to learn about the financing and incentives options that can help make switching to solar a viable and affordable option for many homeowners, as well as SunPower by Custom Energy financial options that make your SunPower solar cost affordable.
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What Are the Advantages of Solar Panels?
Homeowners who power their homes with solar energy can receive numerous benefits: lower electric bills, lower carbon footprints, and potentially higher home values.
However, many homeowners are unaware of the financial benefits they can claim when installing solar. Financial incentives, tax credits, and utility rebates available for qualified solar customers help reduce the cost of installing solar for both residential and commercial energy users.
What is a Tax Credit?
Many state and federal solar incentives come in the form of a tax credit. A tax credit is a tax incentive that allows qualifying taxpayers to subtract the dollar–for–dollar amount of credit they have received from their tax amount due. For example, claiming a $1,000 federal tax credit reduces your federal income taxes by $1,000.
Federal Incentives
One of the best financial incentives homeowners can take advantage of to reduce Sunpower solar cost is the federal solar tax credit. This is also known as the Investment Tax Credit or ITC. The ITC offers homeowners a 26 percent tax credit for solar systems on residential and commercial properties installed in 2020-2022 and 22 percent for systems installed in 2023. While there is a maximum amount that can be claimed on the ITC, homeowners should keep in mind that it is a non–refundable tax credit. The amount of refundable credit you will be eligible for only applies to your tax liability.
SunPower® Complete Confidence Warranty
Every part of your SunPower Equinox® system is designed and backed by one company. It’s the best warranty you may never have to use.
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SunPower stands behind your entire system
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Panels warranted at an industry-best 92% power in year 25
AC System Warranty
First and only AC system-wide warranty, which includes solar panels and microinverters.
Comprehensive Product and Power Coverage
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25 years for everything on your roof (including panels, microinverters and mounting)
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10 years for everything not on your roof (including monitoring hardware and storage)
Watch Video: Our Warranty vs Competitors
Get peace of mind with the only home solar warranty to cover your whole system (not just the panels), so you never have to wonder which company you can depend on.
Not only does SunPower offer the most complete system warranty for solar in Utah, there are even more reasons SunPower by Custom Energy is the best solar company in Utah.
State Incentives
Many states offer additional financial incentives to encourage residents to go solar. Qualifying Utah residents receive both residential and commercial tax benefit incentives.
Utah residents can participate in the Utah solar tax credit, also known as the Renewable Energy Systems Tax Credit. This incentive covers up to 25% or $1,200 (whichever amount is less) of the purchase and installation costs for residential solar projects.
Utah residents should also keep in mind that, like federal tax incentives, residential solar tax credit will also phase down in the coming years. The cap dollar amount you can receive begins to phase down as follows:
- 25% capped at $1,200 until 12/31/21
- 25% capped at $800 until 12/31/22
- 25% capped at $400 until 12/31/23
- Utah tax credit expires in 2024
There are also incentives for large commercial solar installations. The commercial version of the Investment Renewable Energy Systems Tax Credit is refundable and covers up to 10% of the eligible system cost or $50,000, whichever amount is less. This incentive can only be claimed on taxes from the same year the solar system was installed.
Is It Worth Getting Solar Now?
If you have a high utility bill, live in a home that is a good fit for solar panels, and qualify for state incentives or tax breaks, looking into solar providers near you now is a wise long–term investment.
In some cities around the country, solar is already cost–competitive with the electricity sold by local utility companies. The cost of installing solar has gone down every year since 2009 and will likely continue to decrease. Associated installation costs such as permitting and inspection have also dropped over time.
Financing Options From Custom Energy SunPower Solar Cost
At SunPower by Custom Energy, we do everything we can to help make your SunPower solar cost affordable. We want everyone to experience the benefits of sustainable energy. We’ll work within your budget, offering financing with low credit options and same–day approvals.
All our systems are backed by our industry-leading Combined Power and Product Warranty for 25 years. By choosing solar, you can start saving money and the planet the day you flip the switch on your SunPower® home solar.
SunPower by Custom Energy is proud to be the only master dealer of SunPower solar panel solutions in Utah. We always put our customer’s needs first, and you can count on our team to properly install and maintain your solar system. With our industry–leading technology, we hope to introduce homeowners across the state of Utah to the most durable and economical renewable energy solution available.
Contact us today to learn more!
We make sure you get the most for your money. Read what our customers have to say and then give us a call!
Very good experience from initial contact, education on solar, competitive pricing, excellent coordination of professional installation and outstanding follow up! Very happy with system!— Mark Lyons
Posted July 28th 2022
I had a SunPower system (35 panels and 2 batteries) installed by Custom Electrical (Custom Energy). I found them knowledgeable and easy to work with from the project start to finish. The design and install crews did excellent work and took my concerns into account. Their work was completed on time and on budget. I would use them again in the future and I certainly recommend them.— Steve Kaylor
Posted April 3rd 2022
We contacted Custom Energy late in the fall hoping that our system could be installed before year end. They worked quickly with the design and permitting process and installation was completed in December. They did a very professional job and everything works like it is supposed to.— ROBERT FOLEY
Posted March 29th 2022
Choosing SunPower by Custom Energy Utah's Top Solar Company Choice
SunPower is the solar provider of choice for the world’s leading organizations and discerning homeowners. SunPower by Custom Energy is proud to bring this same solar provider of choice to the local residents of Utah as the top Master dealer of SunPower in Utah!
A+ Rating
Better Business Bureau*
500+
Five-star reviews on ConsumerAffairs*
35+
U.S. government installations
45 States
With SunPower® solar on their homes
*As of November 2020.
