2023 Solar Incentives Guide for Hooper, UT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Hooper.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Hooper?
Renewable Energy Systems Tax Credit (Corporate)
Other commercial technologies and commercial wind, geothermal electric, solar PV, and biomass systems smaller than 600 kW: 10% of installed cost
Photovoltaic systems between 660 kW and 2 MW: May choose either 0.35¢/kWh ($0.0035/kWh) for 4 years or 10% of installed cost
Renewable Energy Systems Tax Credit (Personal)
Commercial wind, geothermal electric, and biomass systems 660 kW or greater 0.35¢/kWh ($0.0035/kWh) for 4 years
Other commercial technologies and commercial wind, geothermal electric, and biomass systems smaller than 660 kW: 10% of installed cost
Solar photovoltaic systems 2 MW or greater: 0.35¢/kWh ($0.0035/kWh) for 4 years
Solar photovoltaic systems smaller than 660 kW: 10% of installed cost Solar photovoltaic systems between 660 kW and 2 MW: May choose either 0.35¢/kWh ($0.0035/kWh) for 4 years or 10% of installed cost
Rocky Mountain Power - wattsmart Residential Efficiency Program
Electronically Commutated Motors: Up to $100
Evaporative Coolers: Up to $200
Heat Pumps: up to $750
Ground Source Heat Pumps: up to $2,500
Rooftop Heat Tape Timer: up to $100
Room Air Conditioners: Up to $20
Smart Thermostats: $50
Whole House Ventilation Fans: up to $125
Manufactured Homes Duct Sealing: Free service available
Manufactured Homes Ductless Heat Pumps: Up to $1,300
Lighting: Special pricing at certain retailers
Heat Pump Water Heaters: up to $550
Insulation: Up to $0.10/sq.ft
Federal Residential Renewable Energy Tax Credit
Solar incentives mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more people to convert their home partially or fully to renewable energy. You might qualify for different types of incentives, such as cash back, discounts or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Utah government and others from the federal government. Types of solar incentives might include:
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the government. These differ from tax deductions.
- Net Metering: Net metering factors in once your solar panels are up and running. If you've signed a net metering agreement with your Hooper utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar system. These could be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when calculating property tax for your home.
Federal Solar Incentives
When people think of solar incentives, federal incentives may be the first thing that comes to mind. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a percentage of the cost of your solar system.
The ITC applies to the total cost of installing solar panels, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum claim amount.
To best understand how the ITC may apply to you, speak to your local Hooper solar panel installer and ask for more information.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. American homeowners are now eligible for a 30% credit for solar systems that began installation on or after January 1, 2022 and will be done by December 31, 2032. The total credit will then be decreased by a few percentage points every year until its expiration. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. Your local Hooper solar panel company can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Similar to federal incentives, these might include rebates, tax credits and more. These incentives — which might be given by the state of Utah, or by your county or municipality — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Hooper
The nationwide use of solar energy has gone up tremendously in the last 15 years, in part due to the growth in the number of solar incentives. You can obtain these incentives from your local utility company, the Utah government or the federal government. Reach out to your local solar panel installation expert today to learn more and to save as much money as possible on a solar system for your Hooper home.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Hooper, UT Solar Incentives FAQs
If I installed solar panels on my house a few years ago, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with a representative from the company that installed your solar system, or any local Hooper solar installer, can help you learn what incentives you qualify for.
How much will solar panels save me annually on my electric bill in Hooper?
After adding solar panels to your house in Hooper, you can expect to save approximately $1,009.64 per year, or approximately $19,183.20 over the next 20 years.
What are the best solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to the top solar companies in Hooper.
What are some environmental benefits of installing solar panels on my home?
Solar energy is a renewable energy source — by switching where you get your energy, you help reduce the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 300 pounds yearly, or roughly 6,000 pounds in 20 years.
If I switch my appliances out for ones that can utilize solar energy, are there credits I can claim?
The new Inflation Reduction Act introduces several incentives meant to reward homeowners for making eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.