Can you afford solar power? Many people use the savings they receive to pay for their system. For example, our local utility companies, such as Rocky Mountain Power, can give you credits if you purchase an energy storage system and allow it to be used in the power grid.
You can also lower your energy bill with a system called “net metering.” This means you allow any extra energy created by your system to be added to the grid, which is then basically bought by your utility company, reducing your bill. Net metering also helps to offset your cost of buying power during the night or on cloudy days.
There is also a federal tax credit of 30% of the cost of a photovoltaic system installation, which could give you a very helpful refund on your tax return. There is also a Utah tax credit offering state tax incentives for homes with installed renewable energy systems. As of 2022, the maximum tax credit is $800. However, it will only be $400 by 2023 and none starting in 2024.
Tax credits have been decreasing over the last few years and are slated to decrease again in 2022. To enjoy this year’s higher percentage, you’ll need to get your system installed as soon as possible.