Residential solar power is on the rise in Utah! Increasing numbers of homeowners across the state are making the switch to photovoltaic power, as the project pays off in several ways.
With a solar panel system, you’ll generate your own electricity, which means you’ll also be much less reliant on the utility grid. As a result, you’ll see massive savings every month. And a photovoltaic array that meets your household energy needs doesn’t cost as much as you might think.
Advantages of Installing Residential Solar Panels in Utah
Utah homeowners who adopt photovoltaic power can count on major benefits. Take a look at a few, and you’ll understand why so many people are investing in solar panels.
Save Money on Electricity
How much do you pay for electricity every month? Install a home solar power system, and you can keep that cash in your pocket. You’ll see the savings immediately; in fact, you may eliminate your electricity bill altogether. Every year, you can save over $1,000!
Boost in Home Value
By generating your own home electricity, you’ll make your Utah property much more valuable. If you ever decide to sell, you’ll find a buyer up to 20 percent faster — and you’ll be able to fetch a higher price, up to $15,000 more than the amount you’d get without a photovoltaic array.
Net Metering Advantage
If your home solar power system generates more electricity than you need, the excess goes to the utility grid. And thanks to the net metering policy in Utah, your utility company must credit you for that electricity. The rate may differ, but it still works out to be a profit.
Reach the Payback Point Quickly
The return on investment for a home solar panel system is rather remarkable — most homeowners break even in about eight to 10 years. And sometimes reaching the point of payback happens even faster.
Decades of Free Electricity
Solar panel manufacturers provide solid warranties, guaranteeing performance for decades. And if you invest in a high-performance photovoltaic system, there’s every reason to expect the equipment to function long after the warranty period is over.
Costs of Solar Power Installation for Utah Homeowners
How much does going solar cost in Utah? The best way to figure out the price of your residential photovoltaic project is to talk to a professional contractor. Most offer free, no-obligation consultations and quotes to homeowners.
Several factors can affect the overall cost of solar panel installation. The average reported prices of between $2.57 and $3.35 per watt merely offer a general idea of what to expect in terms of installation costs.
The size of your photovoltaic array has the biggest impact on price, and the more solar panels you need to meet your household energy needs, the more the project will cost. The configuration and placement of your solar power system may also reflect in your investment costs. And higher-performance systems are likely to come with higher upfront prices as well.
Tax Credits for Adopting Residential Solar Power in Utah
Concerned about costs? Utah homeowners can take advantage of two lucrative financial incentives for making the switch to solar power. And if you claim both, you can potentially cut your overall price in half.
Federal Solar Tax Credit
When you file your income taxes, you can claim the federal solar investment tax credit (ITC). In 2020, the incentive amounts to saving 26 percent on your photovoltaic system costs. And the tax credit has no cap, so there’s no limit to how much money you can save.
Utah State Solar Tax Credit
The solar tax credit offered by the state of Utah isn’t quite as rewarding, but you can claim it in addition to the federal incentive to maximize your savings. For residential solar power projects begun in 2020, the Utah tax credit is 25 percent of your photovoltaic system costs, up to $1,600.
Both these incredible financial incentives for going solar are disappearing, however, so to save the most money, you’ll want to start your photovoltaic project soon.
Financing Options for Utah Residential Solar Power Systems
The federal and Utah state tax credits are quite helpful to homeowners, but switching to solar power can be a significant investment. Fortunately, if you can’t or don’t want to pay in cash, you have several options for covering the cost of your residential photovoltaic project.
An unsecured loan — which requires no collateral — can provide you with the funds you need to install a home solar panel system. Many professional photovoltaic contractors in Utah offer this type of financing, and the vast majority of homeowners are able to qualify.
If you’d rather put little to no money down on your residential photovoltaic array, leasing allows you to do exactly that. You’ll simply make a monthly payment on the lease — which will be less than your current electricity bill — and you’ll enjoy the many benefits of adopting solar power.
You can also turn to your bank for the funds you need to install solar panels. A home equity loan or line of credit will allow you to borrow against the equity you have in your Utah home. An FHA loan is another option, and if you don’t already own your home, you can take out an Energy Efficient Mortgage (EEM), which folds the costs of photovoltaic system installation into your monthly mortgage payment without requiring additional money down.
Technical Requirements for Residential Solar Panel Installation
With all the sunlight we receive, Utah is one of the best states for adopting solar power. That said, not every roof is right for photovoltaic system installation.
Sometimes, shade from nearby trees or rooftop obstructions can interfere with photovoltaic energy production. And it isn’t all that uncommon for Utah homeowners to find that their roofs simply cannot support the weight of solar panels.
In those cases, however, the solution is simple — mount the equipment on a nearby structure, such as a carport or shed, or install a ground-mounted photovoltaic array in a sunny spot on the property.
Regardless, SunPower systems are the top choice for homeowners in Utah. Designed with the highest-efficiency solar panels available, state-of-the-art inverters, minimal visible mounting equipment and a first-rate energy monitoring system, a SunPower photovoltaic array will provide you decades of reliable power and maximum energy savings.
Residential Solar Power System Installation Process
PRVL Energy is here to make sure your installation process is as easy as possible in every way.
With us, you’ll have expert assistance planning your photovoltaic project. Our professional team will visit your Utah home, provide a site evaluation and offer a custom-designed solar power system proposal. Once you’re ready to move forward, we’ll handle all the paperwork and permits.
Our professional contractors will complete your solar panel system installation with extreme care, and after connecting your photovoltaic array to the utility grid and arranging for the necessary inspections, you’ll be generating your own household power.
Ready to get started? Contact PRVL Energy and schedule a complimentary consultation for residential solar power at your Utah home today!