2024 Solar Incentives Guide for Saratoga Springs, UT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Saratoga Springs.
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 Saratoga Springs?
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 designed to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. You might be eligible for several kinds of incentives, such as cash back, discounts 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:
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar panels. Property tax exemptions allow you to exclude the value added by your solar system when you're calculating how much property tax you need to pay.
- Rebates: Solar rebates can be offered by your state or county, or by your local utility company. These rebates are essentially cash back that is applied after your purchase of solar panels and before tax credits are calculated.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you've signed a net metering agreement with your Saratoga Springs utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other places you may receive a refund equivalent to a percentage of the value.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. Tax credits are different from tax deductions.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
When you think about solar incentives, you probably think of federal incentives first. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, accessories, equipment and labor – although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Have questions about how the ITC applies to your specific situation? Get in touch with your local Saratoga Springs solar panel installer to get more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. At this point, the percentage will see a slight decrease annually until the program expires in 2035. The expansion 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. To best understand how the new Clean Energy Credit will apply to you, get in touch with your local Saratoga Springs solar installation company.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Rebates, tax credits and more might be available at a more local level. These incentives — which may be handled by the state of Utah, or by your county or municipality — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Saratoga Springs
The nationwide use of solar energy has significantly increased in the past 15 years, in part due to the increase in availability of solar incentives. You might receive these incentives from the Utah government, the federal government or your local utility company. It is a good idea to talk to your local Saratoga Springs solar installer to learn more about these incentives and to be sure that you're getting the most money possible for your solar panels.
EcoWatch's Saratoga Springs, UT Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Saratoga Springs?
Typically, Saratoga Springs homeowners who install solar panels save around $910.64 per year, or around $17,302.10 over 20 years after they make the switch.
What are the top solar panel installation companies near me?
To learn about the best solar panel installers near you, take a look at our article on Saratoga Springs' top solar panel companies.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can claim both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are receiving, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to ensure that you are claiming the correct incentives and getting the most money possible.
What if I add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives apply to your specific situation.
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.