Tax Incentives for Residential Solar Power
The biggest roadblock for potential residential solar power customers is often the perceived cost. Most people love the idea of using solar power itself. They love that it’s green and renewable. They love that it can potentially eliminate your power bill. They love that the solar panels are sleek and growing smaller with time, no longer a huge eyesore. They love that solar panels can add value to their homes, and that they can even store extra energy and sell it back to the power grid in their town on some occasions. They love that harnessing solar power energy is simple and easy, and they even believe it will make their lives better. What they don’t love is the price tag.
And it makes sense. Choosing solar panel power for your residence is a significant financial move. The equipment is expensive, because it has to harness solar energy in a safe way, and be able to store and re-purpose it to power your home. The installation can be costly, because it takes time and careful labor to make sure the solar panels are installed safely and that their positioning will gather as much solar panel as possible. To many, these costs are daunting, especially when you think in terms of the short run.
The government (along with scientists, engineers, preservationists, and basically everyone with a brain) supports the use of solar power as a safe and green alternative to other forms of energy. They are trying to do their part to convince you to make the switch as well. They understand that the upfront costs of residential solar power can be a conversation-ender, a non-starter, a deal-breaker. So they have a plan to attack this argument.
Since the mid-2000s, the government has been attempting to entice residential customers to make the switch to solar power. There have been ad campaigns, public service announcements, media blitzes, and attempts to set a good example. Then they decided on tax incentives and subsidies for solar panel customers. These solar power tax benefits gained strength in the late 2000s and they’ve grown in size every single year since.
The state of Utah offers tax credits for new customers of residential solar panel. They will reimburse up to 20% of the cost of your residential solar panel system for your Utah home. Amazing, right? And it doesn’t stop there. The federal government will also offer tax breaks and reimbursement for up to 30% off the cost of your residential solar panel. With only the involvement of the federal and Utah state government, you will receive a rebate of up to half your investment in residential solar panel. From there you may still enjoy local tax incentives, financing, and the complete loss of your power bill.
What you gain will be free energy, increased value to your home, and maybe a few extra bucks if you can sell back extra energy to your local power grid. Don’t be afraid of the cost of residential solar panels in Utah – tax incentives will make it worth your while. If you have additional questions, please contact us or visit our showroom today.