*Solar panel cost varies by location, solar panel mqanufacturer, system size and the amount of electricity your home uses.
Installing solar panels can help reduce your RMP Utah bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
Probably. With a $1,600 solar tax credit and the available Federal 26% tax credit, home solar panels are worth your consideration as a Rocky Mountain Power customer in Utah. RMP’s "net metering transition" rate also ensures you at least get some credit on your power bill for the excess solar electricity your panels produce. Your credits, while accruing at a lower rate than you pay for electricity, are rolled over and applied to your next month’s bill.
RMP Utah does not offer net metering, but is instead transitioning to a program that pays a lower compensation rate for excess energy produce by solar panels. Helpfully, the Utah government has created a website with the latest information about the program.
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a RMP Utah customer:
|Residential Clean Energy Tax Credit (Federal)
Energy usage is netted at 15 minute intervals. Any excess generation within a 15 minute interval will be credited at rates established by Utah law. Any net excess generation at the end of a billing period will expire with no compensation.
Renewable Energy Systems State Tax Credit
In 2019 the previous tax credit of $2000 was due to end, however in March 2019 the credit was changed to $1600 and extended for an additional 2 years through to 2021. After that point the credit will gradually reduce until it is eliminated at the end of 2023.
*Based on 10.18 kW system, average installation cost $23,735
If you input the details for a RMP Utah customer with a power bill of $200 per month into the best online solar panels calculator, it tells you that you need a 10.18 kW solar system that will produce 14,226 kWh per year and that this system will return the owner a $52,454 profit after repaying the cost of the system.
The solar savings possible for you as a RMP Utah customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical RMP Utah customer with a $200 per month electric bill prior to solar and who installs a 10.18 kW solar system.
Showing data for:
Prices based on a 10.0kW system, after 30% federal tax credit
System Size (for 100% usage offset)
Annual Power Generation
Pay-back time (assuming Cash purchase)
Internal Rate of Return (IRR) on Investment
Total Upfront Incentives and Rebates
Net Cost of System after rebates and incentives
Total Cost of Utility Power Avoided over 25 years
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Rocky Mountain Power customer installing a 10.18 kW solar system on their property:A solar system generating 14,226 kWh per year will save you money AND make the world a nicer place
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.33 per watt or $12,069 for a standard 10.18 kW solar system after the customer claims the 30% federal solar tax credit.