2023 Solar Incentives Guide for Mount Pleasant, UT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mount Pleasant.
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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What Solar Tax Credits, Incentives, and Rebates are Available in Mount Pleasant?
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 help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are in place to encourage more people to make the switch to renewable energy. You may qualify for several kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Utah government and others from the federal government. Some solar incentives you might qualify for are:
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar system. These may be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Net Metering: You may be able to sign a net metering agreement with your Mount Pleasant utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your monthly utility bill.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some knowledge of. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC provides you with a tax credit for a set percentage of the cost of your solar system.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost — for panels, labor, equipment and accessories — although that amount may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.
Wondering how the ITC applies to your specific situation? Get in touch with your local Mount Pleasant solar panel installation expert to get more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The new Clean Energy Credit is valid until 2035. Homeowners can now receive a 30% credit for solar systems installed between January 1, 2022 and December 31, 2032. This credit will then see a slight annual decrease until the date of expiration. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Mount Pleasant solar panel installation experts can answer any questions you have and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Rebates, tax credits and more might be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Incentives might be provided by your county or municipality, or by the state of Utah. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Mount Pleasant
Nationwide solar energy use has significantly increased in the past 15 years, in part thanks to the proliferation of solar incentives. You may get these incentives from the Utah government, the federal government or your local utility company. If you're prepared to make the change to solar energy, calling your local Mount Pleasant solar panel installation expert is an excellent place to start.
EcoWatch's Mount Pleasant, UT Solar Incentives FAQs
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