There is no tax credit for a residential solar system purchase in the state of Utah. The maximum credit of $800 is set to decrease in 2023 and will no longer be available in 2024 unless something changes with this process. This means that you likely won’t save as much as you do with the Federal, but the two can be combined. The only negative thing about the Utah Solar Energy Tax Credit is that it caps out at $800 in 2022. This is called the Renewable Energy Systems Tax Credit, and it will allow for up to 25% of your solar system to come back to you as a tax credit at the end of the year. Utah offers a state-specific energy tax credit as well. As it currently stands, this tax credit program will be in place through the end of 2032. Even if your tax burden is not that high for this year, the taxpayer credit will remain in place until you need it. Although you will have to front the money for this project, it will be returned within a short period of time. You must pay for the solar system out of pocket upfront, and then it will come back to you as part of the following year’s tax return. ![]() The program allows you a tax credit of 30% of the cost of your solar installation. This program will give you a fairly sizable refund on your next federal tax return. The Federal Solar Investment Tax credit is available in all 50 states, Utah included. There is a cap on the amount that you can claim but the total amount for a solar hot water heater is currently $750.įederal Solar Investment Tax Credit (ITC) Although net metering is not mandatory in Utah, many providers take advantage of it and offer fair rates.ĭominion energy offers savings on any type of energy-efficient upgrade made to a home. Net metering allows homeowners that create excess energy to use it as a credit on their next electric bill. This will cap out at $800, and the program is set to expire in 2024. ![]() Remember, this does require you to come out of pocket first.Ī state tax incentive of up to 25% of the total cost of the unit is another great way to save money in Utah. If you purchase $20,000 worth of solar panels, you can get a credit for $6,000 on your next tax return. Utah residents can take advantage of the Federal Solar Tax Credit and get a discount of up to 30% applied to their tax return. The Best Solar Incentives, Tax Credits, & Rebates in Utah Incentive Lighted Magnifying Glass That Stays Put.Single vs Double Vs Triple Pane Windows.
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