Wyoming Solar Tax Guide
Now is the time to go solar in Wyoming as the state offers some of the best tax incentives in the country. Going green, lowering your utility payment, and increasing the value of your home are among the top benefits of getting solar on your home. The state of Wyoming has extra incentives in place to make the decision even easier!
Federal Tax Incentive
The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes. The ITC applies to both residential and commercial systems, and there is no cap on its value.
Net energy metering is another solar incentive. Net metering allows you to store any excess energy that your panels produce in the electric grid. Net metering also allows you to pull from the electric grid at any time that your panels may be under-producing. Electricity usage fluctuates from month to month, and net metering protects you by storing your excess energy so you can use it at another time.
With the right size solar energy system, you can produce enough electricity to match your home’s electricity use for the entire year. However, the amount of electricity your solar panels produce will vary throughout the year. Net metering helps you account for these differences by crediting you for the excess electricity your panels produce so you can use it later.