2024 Solar Incentives Guide for Riverton, UT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Riverton.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 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 Riverton?
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/
The phrase "solar incentives" generally refers to financial incentives put in place by solar companies and the government to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. You may be eligible for various types of incentives, such as discounts, cash back 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. You might qualify for any of the following types of solar incentives:
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement in place with your Riverton utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you might make back a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Tax Exemptions: Your solar panel system might qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to ignore the added value of the solar panels when calculating property taxes on your home.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from your total price before any tax credits are calculated.
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
Federal incentives are the type of incentives that you are most likely to have some knowledge of. A federal incentive that most 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 your solar system's cost.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006, for you to claim the credit. Originally, the ITC covered 30% of all costs (panels, labor, equipment and accessories), although the total amount has fluctuated slightly over time between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
To better understand how the ITC may apply to you, speak to your local Riverton solar panel installation expert and ask for more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. American homeowners can now apply for a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. This credit will then see a slight annual decrease until the date of expiration. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Riverton solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more are often offered at the state and local level. Incentives might be given by the state of Utah, or by your county or municipality. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Riverton
The variety of available solar incentives has helped tremendously increase the nationwide adoption of solar energy over the past 15 years. You can get solar incentives from your local utility company, the federal government or the Utah government. When you're prepared to make the change to solar energy, calling your local Riverton solar panel installation expert is a great first step.
EcoWatch's Riverton, UT Solar Incentives FAQs
How can I find out if I qualify for different solar incentives?
It's best to speak with your local Riverton solar installer to get an understanding of which incentives your project may qualify for. In most cases, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those offered by the government of Utah, may have other requirements.
How much will a solar system save me on my electric bill in Riverton annually?
Typically, Riverton homeowners who install solar panels save approximately $920.65 per year, or approximately $17,492.31 over 20 years after making the switch.
What are some environmental benefits of adding solar panels to my house?
You can lower your carbon footprint by 300 pounds of CO2 annually when you switch to solar panels. This adds up to approximately 6,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now named the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I use multiple types of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you discuss your ideas with your local Riverton solar installer. They can help you as you plan for your project and also help you understand the various incentives that you will or won't qualify for.
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.