2024 Solar Incentives Guide for Mapleton, UT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mapleton.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Mapleton?
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 costSolar 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
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch their home over to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Incentives might include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are offered by the Utah government or by your utility company, county or municipality. Some broad categories of solar incentives include:
- Rebates: Rebates, or cash back after a purchase, are normally given before any solar tax credits are calculated. Solar rebates can be given by your local utility company, by your county or by your state.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Tax Exemptions: These can come in the form of property tax exemptions, which let you exclude the value added by your solar panels when calculating the taxes you pay on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Net Metering: Net metering factors in after your solar panels are up and running. If you have a net metering agreement in place with your Mapleton utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in other places you might make back a percentage of the value.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Local Installer
ES Solar
- Representatives are experts on local policies
- Lifetime workmanship warranty
- Outstanding customer service
- No leases or PPAs
- Energy audits only available 12 months after installation
Federal Solar Incentives
When you think about solar incentives, you probably think of federal incentives first. One of the incentives many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a given percentage of the cost of your solar system.
The ITC applies towards solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. This credit can apply towards a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Your local Mapleton solar panel installation expert can provide you with more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. You are now eligible for a 30% credit for solar systems installed between 2022 and 2032. This new credit will then see a slight annual decrease until it expires. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. The easiest way to fully understand how the new Clean Energy Credit will apply to you is to reach out to your local Mapleton solar panel installers with your questions.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the state and local level. These incentives may be provided by the Utah government, or by your county or municipality. Certain incentives are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Mapleton
You can qualify for solar incentives from the Utah government and the federal government, as well as from your local utility company. The growing availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. We recommend talking to your local Mapleton solar installation expert for more information about these incentives and to make sure that you're getting the largest number possible for your solar system.
EcoWatch's Mapleton, UT Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Mapleton?
After adding solar panels to your home in Mapleton, you can expect to save about $912.34 per year, or approximately $17,334.49 over the next 20 years.
When does the federal solar tax credit end?
The federal solar tax credit, formerly known as the ITC and now named the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
If I trade in my appliances for ones that can utilize solar energy, are there incentives that I can claim?
Under the new Inflation Reduction Act, there are several new financial incentives that are available when you make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on precisely which incentives you are receiving, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and that you're getting the most money you can.
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.