As of right now, Utah has an incredible amount of potential to adopt solar energy as a renewable energy source.
Utah receives a lot of sunlight and its vast open spaces uniquely prime Utah to eventually produce up to one third of the nation’s energy needs through solar energy alone.
With both residential installations and giant commercial solar farms, there’s never been a better time to consider solar energy as a renewable energy source.
In order to combat rising utility costs and help keep Utah beautiful, here’s why solar energy is worth your consideration.
Solar Power in Utah Simply Makes Sense
With as much sun as Utah already enjoys, solar energy simply makes sense. Along with boasting a number of national treasures including Bryce Canyon and part of the Grand Canyon, Utah receives a lot of sunlight year-round.
Solar energy is both a fantastic way to help save the environment and save your own wallet.
Over time, you could save a lot of money on your utility bills by simply installing a solar panel system.
Solar energy is a fantastic way to become more self-sufficient and less dependent on the utility grid, which is a worthy goal for everyone.
Utah’s RPS and the Bright Future
Utah actually has an incredible renewable portfolio standard, which calls for a certain percentage of energy to be produced via renewable methods.
By 2025, Utah is calling for a 20% RPS. Unlike other states, Utah’s RPS is considered voluntary, which means that it will only be upheld if maintaining the RPS plan is deemed “cost effective”.
Utah RPS Carve Outs
Utah does not have a specific RPS carve-out for solar energy. However, the state does offer a number of programs and initiatives to encourage people to adopt solar energy.
By creating a specific carve-out for solar energy, many states find that this is a fantastic way to encourage the solar industry to expand.
You Can Save Money By Going Solar in Utah
Think of how much money you waste every month on your utility bills. Wouldn’t you like to pocket that money instead?
Utah Solar Case Study
A number of case studies show that adopting solar power in Utah can be both a money saving venture and potentially profitable.
Such cases don’t reflect on every situation but as a homeowner, you can expect to save a lot with solar energy.
The average solar panel system in Utah costs about $25,000. Between rebates and statewide tax credits, you can reduce this hefty bill to about $18,000, not counting the additional 30% you could expect to save with the Federal Solar tax credit.
On average most solar panel systems installed in Utah are capable of paying for themselves within 11 years and you may be able to save as much as $700 in your first year alone. Over the lifetime of the system, you may be able to earn up to $25,000 from the energy produced by your system.
Please note: The above figures are just an estimate.
Don’t Wait to Purchase Your Solar PV System in Utah
With all the benefits you can expect to gain from installing a solar panel system, there’s never been a better time to make the switch.
With rebates and tax credits to take advantage of, you can significantly reduce the cost of your system. Solar systems can help you save money on your utility bills.
Over the lifetime of the machine you may even turn a handsome profit.
Utah Homeowner Solar Power Incentives, Rebates and Tax Breaks
Lower Your Utility Costs
Installing a PV system can be an effective way to help reduce your utility costs, and many homeowners in Utah already realised that.
On average, Utah homeowners already pay up to $0.11/kWh for their electricity.
While this is lower than the national average, every homeowner knows that these costs add up and they won’t stay low forever thanks to the fact that this electricity is drawn from non-renewable sources.
During the summer months, your utility bills may skyrocket as you may have personally experienced.
By relying on solar energy you can both help reduce the usage of non-renewable sources and ultimately save a significant amount of money on your monthly utility bills.
Solar rebates are available through Utah’s utility companies.
If you draw your electricity from Rocky Mountain Power, you can expect rebates of up to $1,250/kW with a cap of $5,000 and a maximum system size of 25kW (which is actually much larger than the average system, which is usually about 5kW).
Utah is one of many states currently offering a personal tax credit on solar panel systems.
This tax credit covers 25% of the systems’ cost and allows you to still save on your solar panel system purchase without having to worry about whether or not solar rebates are available for you.
And as of right now, you can still benefit from the 30% Federal solar tax credit which is available to systems installed before or in 2022.
Property Tax Exemptions
Unfortunately, Utah does not offer a property tax exemption which is unfortunate when you consider the fact that solar panel systems generally add up to $20,000 to your home’s property value.
Don’t expect much in the way of a sales tax exemption.
If you live in Salt Lake City, you can be eligible for a sales tax exemption if you install a panel system of 2MW or greater, which is much, much larger than the average solar panel system (that would be the equivalent of 2000kW) and as such, not entirely feasible for the average homeowner looking to install a solar panel system.
Utah Financing Options and Getting Solar for Zero Down
Want to obtain a solar panel system but you feel that it’s out of the way for you? Luckily, there are ways of obtaining a solar panel system for zero money down simply by leasing a solar panel system.
Depending on your unique situation this could be a fantastic option for you so keep that in mind if you would like to take advantage of everything that solar energy has to offer for you.
Is It Worth Investing in Residential Solar Energy in Utah?
In most cases, investing in residential solar energy is an incredible investment.
One can expect a number of financial benefits from installing a solar panel system, including being able to save on your electricity bills and potentially turn a profit from your systems’ energy production.
How it Works
Leasing a system offers a lot of benefits in many regards. By leasing a system, you can obtain a solar panel system for zero money down, which is favorable for many people who can’t necessarily afford to make the initial hefty investment.
When you lease a solar panel system you’ll be responsible for making monthly lease payments as well as whatever you may be paying on your utility bill.
Depending on the terms of your lease, which can last up to 20 years, you will also have the option of purchasing the system once the lease expires.
Consider the solar rebate programs available from your local utility company as well as tax credits when purchasing a system.
These incentives can help bring down the cost of your solar panel system, which can make it easier to obtain it.
Can I Lease the System in Utah? Or Should I Buy it Instead?
Whether you lease or buy a solar panel system depends on you.
By buying a solar panel system, you’ll be able to not only own the system for yourself but you will also be able to personally benefit from rebates, tax credits, and so on.
By leasing the system, you can obtain a solar panel system for zero money down. This makes leasing a solar panel system a handy way to afford what might otherwise be unobtainable for many families.
However, keep in mind that since you will not technically own the system until the terms of the lease expire, you will not be able to personally benefit from rebates and tax credits over the course of the lease agreement.
Whatever works for you depends on your unique situation and your own personal energy needs so talk to a qualified solar panel installation team today to find out what you could stand to gain.
What About Utah Net Metering?
Utah does have a net metering program. Net metering requires that you tie your solar panel system to the utility grid in order to both measure its output and later sell whatever you don’t use back to the utility companies.
Under Utah law, the utility companies are required to offer some form of net metering.
Depending on your utility company, the terms of their net metering program may vary, which should be kept in mind.
If you’re a customer of Rocky Mountain Power, the biggest utility company in the state, you will be credited for any surplus energy your system produces, which can be redeemed for credits on next month’s utility bill.
In other electrical cooperatives, you can expect to receive credits at the wholesale rate.
Unfortunately, there is no solar power performance payment program in the state of Utah, which is unfortunate, but with just net metering alone you can decrease your utility bills and your system will begin paying for itself in no time.
As a homeowner in Utah, solar energy can be a fantastic way to help reduce your utility costs and do your part in preserving the environment.
Solar energy is abundant and by utilizing solar energy, Utah has the potential to become a leader in the solar industry.
Utah’s amazing RPS plan, which calls for 20% of their energy to come from renewable sources by 2025, puts Utah on the map when it comes to finding effective means of producing renewable energy.
To save even more, residents may even want to consider leasing a system for zero money down.
Within 11 years, a solar panel system has the potential to pay for itself and can produce a profit of about $25,000 over the lifetime of the system, which translates to fantastic savings on your part.
Net metering is how you can par down already hefty utility costs.
While Utah has a lot of room for improvement, solar energy offers you a lot of personal benefits as both a homeowner and a citizen. By installing a solar panel system, you can help keep Utah green.