If you install a solar panel system on your home in utah the state government will give you a credit on your next year s income taxes to reduce your solar costs.
Utah solar panel credit.
After accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net price you ll pay for solar can fall by thousands of dollars.
You can claim 25 percent of your total equipment and installation costs up to 1 600.
The utah solar tax credit officially known as the renewable energy systems tax credit covers up to 25 of the purchase and installation costs for residential solar pv projects capped at 1 600 of cost whichever is less.
Utah code 59 10 1014 this credit is for reasonable costs including installation of a residential energy system that supplies energy to a utah residential unit.
Additional residential energy systems or parts may be claimed in following years as long as the total amount claimed does not exceed certain limits.
This means that rooftop solar panels in utah could produce more power than solar systems in other parts of the country.
Renewable energy systems tax credit.
Whether or not you re getting any utility rebates everyone in utah is eligible to take a personal tax credit when installing solar panels.
An average sized residential solar.
The solar income tax in utah because utah has a state income tax they can use this tax to incentivize solar.
This solar tax credit is a dollar for dollar credit deducted from the utah state taxes that homeowners would have owed the state.
If the homeowner doesn t owe state taxes they can t take advantage of this credit.
As of september 2020 the average solar panel cost in utah is 3 03 w.
The tax credit for a residential system is 25 of the purchase and installation costs up to a maximum of 2 000.
Dolla dolla bill y all.
Given a solar panel system size of 5 kilowatts kw an average solar installation in utah ranges in cost from 12 878 to 17 422 with the average gross price for solar in utah coming in at 15 150.
State led market options study.
The biggest advantages in utah for installing solar panels are the state tax credit and the 26 federal tax credit.
A rooftop solar tax credit is also available for larger commercial projects.
The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing.
Utah also receives some of the highest levels of solar irradiation in the country.
Rooftop solar for your business.
And of course utahns also benefit from the federal solar tax credit.
Learn more and apply here.
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