The rebate is for $400 per kilowatt installed, with a cap of 30 kilowatts. As RMP is the largest electric utility in Utah, most homeowners will be eligible. Thankfully, customers of Rocky Mountain Power can take advantage of the electric company’s Wattsmart Battery Program, which is an upfront rebate for solar storage solutions.
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As such, you will benefit most from this solar incentive if you install your system sooner rather than later, despite the credit being relatively small.Īs we’ll discuss later, the federal solar tax credit is also set to drop in 2023 and be eliminated in 2024, so there is even more motivation to install solar now rather than wait. This tax incentive is set to decrease to a maximum of $400 in 2023, and it will no longer be available for solar PV systems in 2024.
With most Utah homeowners paying $21,440 for their solar systems, the majority of residents will be eligible for the entire $800 credit. The credit is for 25% of your total system cost up to a maximum of $800 for systems installed in 2022. Utah homeowners have access to the Utah Renewable Energy Systems Tax Credit, which is the state solar tax credit. This incentive provides an upfront rebate for certain solar storage options, based on the size of the battery. Rocky Mountain Power customers who opt to install a solar battery along with their panels will have access to the Wattsmart Battery Program. Rocky Mountain Power Wattsmart Battery Program 3 We’ll include more information on net metering programs and the potential to save money with the policy below. It allows you to offset any energy bills you might have after solar installation using energy you overproduce with your panels. Net metering is a billing policy that isn’t mandated in Utah but is offered by some utility companies in the state. 2 The maximum credit will decrease in 2023 and will no longer be available in 2024. The state tax credit is for 25% of your total system cost up to a maximum of $800 in 2022.
Utah offers a state solar tax credit in addition to the federal tax incentive.
Utah Renewable Energy Systems Tax Credit (RESTC) The ITC will be changing in the future, and we’ll include information about those changes below. 1 This amount is credited to your federal income taxes for the tax year in which your system is installed. The ITC is for 26% of the total cost of your solar system, which, in Utah, averages out to around $5,574. The federal solar tax credit is available to all Utah residents, as it is offered by the federal government. It will include a short description of each incentive, and we’ll provide additional information for each further below. The table below provides a brief overview of the solar incentives afforded to Utah homeowners. VIEW MORE Current Solar Rebates, Tax Credits and Incentive Programs in Utah
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