According to the Solar Energy Industries Association (SEIA), the United States will produce over 14 GW of usable solar power by the year 2023. Utah is a large participant in this boom, currently holding the 9th highest record for solar energy production in the country.
SEIA estimates that solar energy prices in Utah have plummeted by 47% since 2013. Salt Lake City residents are seeing the lowest prices on residential solar power installations ever.
What is the cost of solar energy in Salt Lake City?
Currently, the average price for solar panels in Salt Lake City is between $3.34 and $4.31 per watt. Using the US residential average of a 5 kW power supply (5000 watts), the typical Salt Lake City home would need to invest between $16,700 and $21,550 for a new solar installation.
What do property owners need for a solar energy system?
Solar panels to collect the sun’s rays
Inverters to convert solar energy into usable household current
Racking systems to attach panels firmly to the roof or ground
Performance monitoring equipment to ensure the system continues to function at its fullest capacity
Batteries to store excess power for later use (optional)
Buying your own equipment may not be the most cost-effective way to build your residential system. Get a customized quote from a solar installation company in Salt Lake City Utah before you commit to other plans. The price of professional service may be lower than you expect. The price also is affected by incentives and rebates, which you may only qualify for if you work with a professional installer.
How much do solar panels cost?
Photovoltaic solar collectors, or solar panels, are the single most important component to residential energy systems. The quality and condition of your panels determine how much raw energy your system can produce.
In December 2018, the average cost for solar panels nationwide sat at $3.90 per watt. Utah panel prices are in line with national averages. Get a more detailed understanding of panel prices in your area here.
What rebates and incentives are available to lower solar energy investments?
Utah uses a net metering program to encourage homeowners to complete solar energy projects. During warmer months, residents that produce more energy than they use can opt to sell their excess supply back to their local utility company. This often leaves many solar power users with no electric bills for many months of the year.
Find out how your local utility provider handles net metering on your monthly bill with this tool.
Previously, Utah offered state residents a tax rebate for solar installations. However, that program was phased out in 2017. Utah residents continue to qualify for federal tax rebates.
What is the overall cost of installation for residential solar energy in Salt Lake City?
While the average cost for a residential solar energy system may seem high, many homeowners are able to realize a much lower investment. Tax rebates, manufacturer incentives, special sales promotions, and net metering proceeds all positively impact your solar payback period. The solar payback period is the amount of time it takes for your installed system to produce enough power to equal your initial investment.
Besides the discounts and rebates you secure, the average cost of energy from traditional sources, how much energy you normally use, and other factors affect your solar payback period. Use this handy solar calculator to see how quickly your solar energy system will start producing profits.
Find out how much a residential solar installation might cost by contacting an installation company for a personalized property assessment and quote.