According to ABC 4News, Utah has the second largest solar economy in the United States, coming in between Nevada (No. 1) and California (No. 3). Growth throughout our state in solar capacity has been substantial over the last 10 years. In 2009, rooftop solar was only at about 1 megawatt, but in 2016, it was up to about 130 megawatts, and it’s still growing today. Additionally, according to the US Energy Information Administration, at the end of 2020, “Utah ranked 10th among the states in the amount of solar generating capacity, with 1,525 megawatts installed.” Several initiatives have driven this growth including net metering (which allows you to send any extra solar back to the grid and receive credits on your bill), tax credits and incentives, and a renewable portfolio goal encouraging the use of renewable energy for businesses whenever it’s financially possible.
Wind and hydropower are also popular renewables used here in Utah. Solar, however, continues to be the source that generates more electricity in the state than any other renewable resource. Currently, about 14% of Utah’s electric generation comes from renewable resources, and we hope that will be up to about 20% by 2025. Other applicable renewable sources that contribute to Utah’s energy usage besides the more obvious solar, wind, and hydropower include geothermal, hydrogen, municipal solid waste, landfill gas, and farm animal manure.
Utah is full of beautiful landscapes and incredible national parks, and the beauty of our state can be protected with the adoption and continuation of renewable resource usage. Legislators of the Beehive state have implemented attractive policies and incentives to further their goal of a greener community. Over the years, solar panel costs have become more and more reasonable, too, generally running about $11,000 to $16,000 for the typical home in Utah today. It takes about 8-10 years on average for homeowners to see the full return on their initial investment, but the monthly savings on electric bills are immediate. Many factors come into play in regard to solar installation, and total upfront costs as well as long-term savings will depend on these factors. Four Seasons Solar has many customization options for Utah homeowners including aesthetic designs, placement options, warranty coverage and lengths, and power output.
Some tax incentives have expired or changed, but there are still incentives that are in effect. For example, the federal Investment Tax Credit allows you to deduct 26% of the total cost of an installed system. This credit lasts until the end of this year then will change to 22% throughout 2023. Commercial solar installs can deduct 10% of their system’s costs right now and there is no foreseeable expiration date for this incentive. The renewable energy systems tax credit applies to installs this year but will go towards next year’s taxes. Other benefits may be available to you as well. For all your options or for more information regarding incentives and quotes, give Four Seasons Solar a call today. Our free, no-pressure estimates are a great way to find out how solar can work for you.