![]() ![]() This is undoubtedly a reason to consider installing your solar panels sooner rather than later. In addition, the bill is set to expire at the end of December 2023. It’s important to note that this Federal tax credit will drop from 26% to 22% in 2023. Even if your tax burden is not that high for this year, the taxpayer credit will remain in place until you need it. Although you will have to front the money for this project, it will be returned within a short period of time. The solar system will need to be paid for out of pocket upfront, and then it will come back to you as part of a tax return. This program will give you a discount on your next federal tax return, a sizeable one.Ĭurrently, the program allows you a tax credit of up to 26% of the cost of your solar installation. The Federal Solar Investment Tax credit is available in all 50 states, Utah included. There is a cap on the amount that you can claim but the total amount for a solar hot water heater is currently $750.įederal Solar Investment Tax Credit (ITC) Although net metering is not mandatory in Utah, many providers take advantage of it and offer fair rates.ĭominion energy offers savings on any type of energy-efficient upgrade made to a home. Net metering allows homeowners that create excess energy to use it as a credit on their next electric bill. This will cap out at $800, and the program is set to expire in 2024. Remember, this does require you to come out of pocket first.Ī state tax incentive of up to 25% of the total cost of the unit is another great way to save money in Utah. If you purchase $20,000 worth of solar panels, you can get a credit for more than $5,000 on your next tax return. Utah residents can take advantage of the Federal Solar Tax Credit and get a discount of up to 26% applied to their tax return. The Best Solar Incentives, Tax Credits, & Rebates in Utah Incentive However, there could be a renewal of these programs it’s best to take advantage of them while they are still there. However, many incentives will expire at the end of December 2023. While Utah state is offering these incentives, you can save thousands of dollars on your home solar system. Luckily Utah has a Utah Solar Tax Credit at the state level in addition to the federal level. Sometimes there are requirements involved that can make you eligible for other incentives, and it is worth paying close attention to these. These programs should be researched before the installation and purchasing process starts. The key for all Utah homeowners is to take advantage of any programs available to help save money on the solar power system. The cost of a system remains around $20,000, depending on the size of the home and the associated installation costs. One of the reasons that they go down in price is because of better Utah solar rebates, as well as financing options and decreased tax liability. Solar costs have gone down slightly in Utah through the years. ![]()
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