Solar Tax Credit – Everything You Need to Know About the Utah and Federal ITC
There are many financial benefits to switching your home to PV power. One great incentive that you are currently missing out on is a state/federal tax credit!
In Utah, the solar investment tax credit (ITC) is calculated as 25 percent of the eligible system with a $2,000 maximum. In other words, you will receive one-fourth of the total cost of your home PV system. However, the Utah tax credit can change yearly and is expected to drop. In order to get the maximum tax benefit in Utah it would be wise to make the switch to PV power now while it is at its peak.
The federal solar ITC is currently a 30 percent rate of return of the total cost of your home PV system. Similar to the Utah tax credit, the federal tax credit is also declining over time. In 2020 the federal ITC will be at 26 percent and by 2021 it will be at 22 percent. Now is the time more than ever to go solar and earn the maximum state and federal tax credit! If you have any questions about the federal and state tax credit or switching to the PV system, contact our professional team at Intermountain Wind & Solar to schedule a free consultation.