Just keep in mind that this benefit is set to expire in 2020, where it will be reduced to only 10%. However, the 30% federal tax credit applies and it makes sure you get back $6,000 within a year in the case of a 5-kW solar PV system. Wyoming does not have a state tax, so local tax credits for solar power would be useless – there is no tax payment from which to deduct them! The tax burden for solar power could also be improved: you have to pay the sales tax when you purchase a PV system, and then you are subject to an increase in the property tax because it drives up the value of your home. Unfortunately, there is no Renewable Portfolio Standard (RPS) requiring utilities in Wyoming to source a minimum percentage of their energy from renewable power technologies.Īs a consequence, there are neither rebates not performance payments for solar power. Although there are no local tax credits for solar power, it’s not an issue because Wyoming doesn’t have a state tax in the first place! You can also take advantage of the 30% federal tax credit, which is available anywhere in the USA. There is a section dedicated to solar panels, and you can break down solar radiation rates according to tilt angle and month of the year. If you enter the website and input your coordinates, you will be granted access to plenty of weather data tables. The NASA Atmospheric Science Data Center has a great tool you can use to analyze the solar radiation available at your exact location. Unless there are drastic shading issues, which would be the case of a home surrounded by trees and tall buildings, solar power can save you money. These conditions are optimal, but not mandatory. For rooftop PV systems, south-facing roofs are the best. The available area for solar panels is free from shadows. Located in the central or southern regions of the state, which are the sunniest. In general, the best sites for solar power in Wyoming are the ones that meet the following conditions: Of course, every project site is unique and there are always differences even if two PV systems have exactly the same capacity, to get an setimate that fits your specific home please visit our solar nation solar calculator This financial analysis assumes a 5-kilowatt solar PV system, and the average sunshine available in Wyoming. The environmental benefit is equivalent to planting over 100 trees per year. Your property will also increase in value by around $15,000. The net profit you will make over the 25-year period is around $15,000. Solar panels normally come with 25-year warranties, and you can expect to get back this investment in 15 years, which results in a full decade of free energy. With the expected first-year savings of $750, the net outlay drops to $13,250. However, 30% of that value becomes a federal tax credit you can use next year, bringing down the cost to $14,000. The upfront cost for a 5-kW solar PV system in Wyoming is around $20,000. The costs and savings for a 5-kW PV system in Wyoming can be broken down as follows: However, residential PV systems tend to average at around five kilowatts, so we will present a case study based on that capacity: The best PV system size for your home depends on how much energy you consume and the available rooftop area for solar panels. Return on Investment for Residential Solar Power in Wyoming You can get in touch with a trusted solar installer near you for an assessment of your property and a PV system quote. This is the general outlook for residential solar power in Wyoming.
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