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.
In 2021, there is also a federal tax credit of 26% 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 of 25% of the cost, up to $1,200 in 2021.
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.