Solar Panel Credits Utah

Utah s solar tax credit makes going solar easy.

Solar panel credits utah.

Our solar installers will be happy to answer your questions and explain the benefits of solar power. In 2008 the itc was reauthorized and the cap was lifted. If you install a solar panel system on your home in utah the state government will give you a credit on your next year s income taxes to reduce your solar costs. This means that rooftop solar panels in utah could produce more power than solar systems in other parts of the country.

Current utah solar incentives include generous rebates for solar electric and solar hot water systems. Dolla dolla bill y all. For utah solar shoppers state and local tax credits mean there s never been a better time to start exploring solar offerings. The december 18 bill contained a 5 year solar tax credit extension which makes solar energy more affordable for all americans.

And of course utahns also benefit from the federal solar tax credit. The utah solar tax credit officially known as the renewable energy systems tax credit covers up to 25 of the purchase and installation costs for residential solar pv projects capped at 1 600 of cost whichever is less. As of september 2020 the average solar panel cost in utah is 2 99 w given a solar panel system size of 5 kilowatts kw an average solar installation in utah ranges in cost from 12 708 to 17 192 with the average gross price for solar in utah coming in at 14 950 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net price you. The biggest advantages in utah for installing solar panels are the state tax credit and the 26 federal tax credit.

Additional residential energy systems or parts may be claimed in following years as long as the total amount claimed does not exceed certain limits. Homeowners solar companies and industry advocates alike were given a big christmas gift in 2015 when congress approved the 2016 federal spending bill and extended the solar panel tax credit. First enacted in 2005 as part of the energy policy act of 2005 the solar tax credit began as a tax credit of 30 percent of the cost to install a solar panel system with a maximum credit of 2 000. Renewable energy systems tax credit.

Utah code 59 10 1014 this credit is for reasonable costs including installation of a residential energy system that supplies energy to a utah residential unit. The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar. Utah also receives some of the highest levels of solar irradiation in the country. You can claim 25 percent of your total equipment and installation costs up to 1 600.