May 4, 2021 By The Fortunate Investor | This article may contain affiliate links. For more information visit our Disclosure
There are over 47,000 solar installations in the state of Utah. It’s safe to say, the use of solar energy is increasing every year.
This means more and more homeowners are getting the chance to switch to solar energy. But it also leaves many to ask whether this is even a feasible plan.
The question remains: is solar energy worth it in Utah? How much does it cost and what goes into the pricing?
That’s what we’re here to discuss today. Read our Utah Solar Guide to find out how much it costs to install solar panels and all the factors that make up this pricing guide.
How Much Does It Cost to Install Solar?
Generally speaking, installing solar panels in your home costs anywhere between $12,000 and $16,000. If you were to narrow it down to a cost per Watt basis, you’re looking at about $2.50 to $3 for every watt.
Many people look at the long-term returns that solar panels bring over time, as they want to know how much they can earn through this investment. A solar payback period is the time it takes from the moment you install solar panels to when you’ve fully recovered the initial investment.
In Utah, that solar payback period is a little less than 10 years. This means you can recoup the cost of solar panel installation in less than a decade.
While that might sound like a long time with a steep installation price, keep in mind there are plenty of opportunities to save on your initial installation. This is done through incentives.
Solar Panel Incentives and Rebates in Utah
So what kind of incentives are there?
For starters, the state of Utah offers income tax credits for taking up solar energy. You can claim about 25% of your equipment and installation costs, which can add up to $1,600!
There’s also a 30% federal tax credit that you can claim. Keep in mind you get all of this on top of the inherent financial savings that solar energy brings.
Don’t forget about the new Utah solar easements law that lets you ensure nothing is blocking your solar panels. Local zoning authorities can also prevent developers from prohibiting solar panel installation as well.
Which Solar Panels Should You Choose?
Believe it or not, there’s plenty of customization available for solar panels. This includes the panels, inverters, batteries, and racking systems.
Choosing different parts can optimize your solar panels’ efficiency. All of this depends on your needs and your home’s limitations.
If you’re looking for consultation on which solar panels you should choose, we recommend going to blueravensolar.com/utah/salt-lake-city/.
They’re one of the best solar companies in Utah, and they’ll set you up with the right materials to make sure you’re paying the right amount.
Utilize Your Utah Solar Guide Today
Switching to solar energy can be a big move, but a cost-effective one if you play the right moves. Use this Utah solar guide to help you find the best price available!
For more information on smart financial decisions and home improvement projects, check out the rest of our site!
The Fortunate Investor is the finance half of the husband and wife duo behind this website. Michael's finance and investment advice is rooted in an MBA and 20 years experience as an entrepreneur, banker, and manager in the financial services industry.
Latest posts by The Fortunate Investor (see all)