Utah Solar Power
Utah has great solar power potential. Homeowners and businesses throughout the state are harnessing power from the sun and slashing their energy costs — and that’s not the only advantage that comes with solar panel installation
A high-quality photovoltaic system is a low-risk investment, one that can provide you with decades of impressive returns. The benefits are undeniable, and with the financial incentives available in Utah, the cost of going solar is probably much less than you think.
Financial Benefits of Switching to Solar Power
Protecting the environment is one reason to adopt photovoltaic power, but a better argument for making the switch may be that a PV system can save you money.
How, exactly? Install solar panels at your Utah home or business, and you can look forward to the following significant financial advantages.
Low or No Energy Costs
The average residential electricity price in Utah is 10.42 cents per kilowatt-hour, and most homeowners pay just under $100 every month. As for businesses, monthly energy costs can reach into the tens of thousands. By installing solar panels, you can drastically reduce or even eliminate your monthly electric bill.
Stabilized Energy Costs
Utility rates in Utah are on the rise, as they have been across the country for the last 30 years. Once you install a residential or commercial solar power system, you will no longer be subjected to the ever-increasing costs of electricity. Instead, you’ll lock in your rates for the next several decades, and every time the prices go up, your savings will increase.
Increased Property Value
Solar panel installation adds value and marketability to any Utah property. Homes with photovoltaic power systems typically sell up to 20 percent faster — and for up to 17 percent more money — than comparable homes without solar panels. The average homeowner sees their property value rise by $15,000, which is quite a bit more than the boost offered by some other home improvement projects.
Commercial solar power systems can also provide a big increase in property value — an important factor for many Utah business owners.
Financial Incentives for Solar Panel Installation
Installing a photovoltaic system can clearly benefit your budget, and going solar in Utah is surprisingly affordable.
A range of financing options, including loans and leases, are available for both homeowners and business owners in Utah. And to bring down your costs and see a quicker return on investment, you can take advantage of lucrative financial incentives.
Federal Solar Tax Credit
The federal investment tax credit allows you to reduce your income tax liability by 26 percent of your solar power system costs — if you begin your residential or commercial photovoltaic project by the end of 2020.
Utah Solar Tax Credit
In Utah, homeowners who install solar panels in 2020 can claim 25 percent of their total photovoltaic system costs on their income taxes, up to $1,600. Business owners can claim 10 percent of their overall costs, up to $50,000. And yes, you can claim both the federal and Utah state solar tax credits.
Net Metering in Utah
Under Utah law, utility providers are required to credit residential customers for any solar electricity their photovoltaic systems send to the grid. Known as net metering, the program can be financially beneficial if your solar panels create more energy than your household needs.
Solar Power System Payback Time
You’ve no doubt heard that solar panels can pay for themselves over time, but how long will it take to get your investment costs back?
The exact time varies, but most Utah residents who invest in solar power reach the point of payback within about 8 to 10 years. To calculate your payback time, take the total cost of your Utah photovoltaic project — including the solar panels, inverters, mounting hardware, and installation charges — and subtract the financial incentives you’ll receive. That’s your overall cost.
Now, add up your yearly energy costs — that’s how much you can save by installing a solar power system. Finally, take your overall costs, and divide by your annual energy savings. The answer is the number of years it will take for your Utah photovoltaic project to pay for itself.
Planning Solar Panel Installation in Utah
If you’re ready to save money by switching to solar power, make the process easy — turn to the professional team at PRVL Energy.
A locally owned and operated SunPower Elite Dealer — one of the few in the state of Utah, PRVL Energy has the skill, knowledge, and expertise to design and install a solar panel system that meets your energy needs and fits your budget. We have extensive experience completing both residential and commercial solar power projects, and we’re known for providing highly efficient and reliable photovoltaic energy systems.
Put your project in the hands of the PRVL Energy team, and you’ll be more than pleased with the installation. We handle every step, leaving you to sit back and wait for the impressive returns. We strive to provide a superior level of customer care, and with us, going solar is an enjoyable experience. To get the ball rolling on your Utah solar power system installation, contact us today!