Did you know 6% of American homeowners have solar panels and another 46% are seriously thinking about it?
If you’re in the latter group, you might need some convincing to take the plunge. The good news is, a solar installation comes with a number of benefits, including tax credits!
Want to learn more? Then keep reading, as we’ll show you what Utah solar tax credit you can get!
Renewable Energy Systems Tax Credit
This Utah tax credit for solar panels will have you rejoicing. If you have a solar panel system installed this year, then you can claim up to 25% of your installation and equipment costs for next year’s income taxes.
There’s a caveat here though. Every year, the tax credit decreases by $400, and unfortunately, 2022 is the last year for this tax incentive. So make sure you act promptly to get in on the action!
If you own a business, there’s a commercial side to this tax credit too. You can claim up to 10% of the costs for a photovoltaic system, or $50,000, whichever amount is less.
Investment Tax Credit (ITC)
This is actually a federal tax credit, so if you have friends out of state who are going solar, let them know about the ITC because they can get in on it too!
This tax credit is available for people who want to buy their PV solar energy system outright. This can be done through either a cash purchase or through a loan.
If you qualify, you can get a tax credit of up to 26% of the solar installation cost! That’s a nice chunk of change.
For residential solar, it might be a good idea to get in touch with a professional so you know approximately how much a system would cost for your home. That way, you can estimate how much you’ll get back and you’ll be able to see if you can afford solar panels or not.
Other Ways to Get Money Back
While there aren’t numerous tax incentives, they should give you a nice amount back. But what if you want more?
A great way to get money back on your solar panel system is to participate in net metering. This is where you sell extra energy back to the grid, which means you’ll get credit on your next month’s utility bills.
Do note that the majority of homeowners aren’t disconnected from the grid. So you’ll still have to pay for electricity. But with a solar installation, you’ll be able to save big.
Get Solar Installation in Utah
If you’ve been wanting to go green but weren’t quite sure if it’s worth it, we hope that by showing you these options for Utah state tax credit for solar panels, you’re convinced! This is especially when you consider other ways to get money back from your solar panel system!
What you’ll want to do next is contact a reputable solar power company. They’ll be able to help you with a solar installation and can even help you with the tax credits if needed.
Want to learn more about solar energy? Then keep reading our blog!