According to the Solar Energy Industries Association, Utah solar prices have fallen by 36% in the last five years.
Unfortunately, manufacturers expect prices to start increasing again soon due to worldwide pandemic-driven material shortages. An imminent increase is just one reason to get connected to solar in Utah as soon as possible.
Keep reading to find out some more ways you can benefit from installing solar power in this state.
1. Reduced electricity bills
There’s no denying that a solar installation is an expensive undertaking, but you’re guaranteed to enjoy substantial savings by installing solar panels.
If you opt for an off-grid system, you’ll never pay another electricity bill again.
Are you hesitant to step away from the grid entirely? You can still save thanks to net metering in Utah.
This system enables you to stay connected to the grid, so you can use conventional electricity when needed. You can also feed any excess electricity your panels generate back into the grid.
In return, the power company gives you a credit on your electricity bill. According to this home solar company, you could save up to $50,000 over 25 years when you take advantage of these solar energy savings in Utah.
That’s a long time to wait for a return on your investment. Yet there are ways to save on your installation costs too.
2. Federal tax incentive
The United States has a strong commitment to reducing its reliance on fossil fuels to combat global warming.
To encourage homeowners to get on board with this initiative, the federal government allows you to deduct 26% of the cost of your solar installation from your annual tax return.
There’s no cap on how much you can claim back, but this incentive decreases to 22% in 2023, and 10% in 2024. After that, you can’t benefit from these savings anymore.
That’s another reason to go solar as soon as possible.
3. Utah solar incentives
Utah stands out as one of the few states with a solar tax credit.
Thanks to this, you can deduct up to 25% of the cost of your solar installation from your state personal taxes. This incentive is currently capped at $1,600, but it decreases by $400 next year and expires at the end of 2022.
What’s more, power companies and solar companies in Utah also offer a host of savings when you opt for a solar installation.
In Utah, HOAs may not prevent their residents from installing solar power.
Thanks to these benefits there’s no reason to delay getting in touch with your local Utah solar installers and starting your journey toward sustainable energy.
You save more with solar
Apart from monetary savings, a Utah solar installation lets you lend a hand when it comes to making the world a better place. We need all hands on deck if we want to save ourselves from the devastating effects of global warming.
Solar power is our best option to ensure a clean, healthy, and safe environment for future generations to enjoy.
Are you interested in more savings tips? Browse our website for all the best ways to save money or earn more.