With increasing energy bills, installing solar panels and storage batteries is a more attractive investment than ever for Utah households and business owners. The Inflation Reduction Act, just enacted by Congress, contains a tax credit meant to offset the costs of solar energy.
One of the most important decisions a property owner will make is whether to invest in solar energy.
“When it comes to solar energy systems, you want electrical specialists to install them,” Muv Power CEO Caleb Eastman said. “Being a local installer, we understand what goes into each city’s needs in terms of rules and permits, so we can get things done much faster.”
The new Residential Clean Energy Credit enables homeowners and business owners to deduct 30% of their solar energy installation expenditures from their federal taxes. The tax credit has no monetary limit, regardless of how much they spend. Any solar energy system built between January 1, 2022, and December 31, 2032, is eligible.
Solar panels, storage batteries, all essential equipment for system functioning (wiring, inverters, mounting equipment, etc.), permitting fees, inspection charges, developer fees, and labor costs are all eligible expenditures.
Because of the tax credit, the US Department of Energy anticipates that 7.5 million more households in America will be able to install solar energy. The Inflation Reduction Act also includes tax breaks for electric car purchases and customer refunds for heat pumps and other energy-efficient household equipment.
Investment in energy savings may raise the value of a property, and more significant savings may occur the longer a solar energy system is installed and operational. If a house or business has adequate roof space, a solar provider may construct a system that will offset almost 90% of all power bills. Photovoltaic panels generate “free” electricity anytime the sun shines, as opposed to a monthly fee that owners pay if they keep the property.
“You have your own electrical generator sitting on top of your roof,” Eastman said. “It’s the equivalent of having a petrol pump in your garage.”
Southern Utah is an excellent site for harnessing the sun’s power, with more than 300 bright, clear days each year. Along with tax benefits, investing in solar energy’s long-term savings helps property owners cut their electric costs, lessen their reliance on the power grid, and minimize their environmental imprint. In the case of a power loss, a solar energy system with storage batteries keeps the lights on.
“With the amount of [housing] development we have in Utah, the need for power is rising significantly,” said Eastman.
Qualified installers collaborate with municipal and local government authorities to secure the necessary solar energy installation and usage permissions. Residential solar energy system installation typically takes between 30 and 45 days, enabling homeowners to begin reaping the advantages of renewable energy sooner.
“With the amount of development we have in Utah, the need for power is rising significantly,” said Eastman.
Qualified installers collaborate with municipal and local government authorities to secure the necessary permissions for solar energy installation and usage. Residential solar energy system installation normally takes between 30 and 45 days, enabling homeowners to begin reaping the advantages of renewable energy sooner.