The sun provides a limitless source of energy we can use to power our houses and buildings. Another benefit is that it offers a solar income opportunity! The availability of solar panels for homes makes them a great way for you to invest in renewable energy. Here are some tips on harnessing the sun’s power and taking advantage of solar power income.
Net metering is a great way to cut down on your electricity bill. The excess power created by home solar panels goes back into the grid and reduces your electric bill. This becomes a solar panel income you can use to pay off those high bills from winter or save for later in the year to pay other bills.
Federal Solar Tax Credits
The average solar panel installation in Utah costs around $25,000. Between rebates and statewide credits, you can take this cost down to around $18,000, not to mention the additional savings from the federal tax credit!
Since its inception in 2006, the government has provided a way for you to save some extra money on solar panels and installation costs. In 2021, the federal government offered a 26% tax credit (the solar Investment Tax Credit) for systems installed between 2020-2022, and 22% for those installed in 2023.
To qualify, you must meet these requirements:
- You must own your solar power system (not lease it).
- The solar system must be located in the US.
- The solar system must be located at either your primary or secondary US residence (or an off-site community solar project).
State Solar Tax Credits
Many states offer great incentives to help you save money on your solar panels. For example, in Utah, residents can receive up to $1600 for their investments in renewable energy systems. You can redeem your state-specific tax credits before cashing in on federal tax credits as well!
Here’s some more sunny news—most Utah solar systems pay for themselves within 11 years. Over the lifetime of your solar system, you could save a whopping $25,000.
Local Utility Rebates
Many utility companies will offer you a rebate if you install solar panels on your home. In some cases, they may even cover the cost of installation.
Check with your utility provider to see what incentives they may provide to help you save with solar power.
Contact the Solar Experts
If you’re ready to start your solar power journey, Smart Wave Solar is here to help. Contact us to see how we can make you money today!