Wyoming Solar Incentives
While Wyoming doesn't have incentives for solar systems, they do offer a federal tax credit to help cover some of the system installation. Also the utility/power companies offer something called a "Net Metering Agreement". Here is some information about these benefits.
Federal Solar Investment Tax Credit (ITC)
In Wyoming the most substantial solar incentive is the federal ITC. The federal credit was originally offered in 2005 and was extended in 2022. For systems installed between 2022 and 2032, up to 30% of the system value is applied to the income taxes that you owe for the year that your system is installed. For example, if you're system will cost $27,500, after the tax credit your net cost could be $19,250, a much more attractive number. Keep in mind the system cost/credit applies to all of the equipment like panels, inverters, batteries, wiring, racking equipment, and the install labor. So while the system cost adds up, it's also lowering your total net cost. The ITC provides a massive benefit to all solar customers.
How to Claim the ITC
* Step 1 - On the year that your system was installed, when it's tax time go to the IRS website and print form 5695.
* Step 2 - Fill out the form. Some information you will need will be our contact info for WyoWind & Solar if we installed your system that is. You will also need some basic info about the system we installed, like the system size and cost. You can always contact us and we can provide you with any information.
* Step 3 - Last just file the form when you file you're taxes.
Net Metering Agreement
Another possible solar incentive in Wyoming is "Net Metering". This is a program with your local utility company that measures the amount electricity you buy from the utility grid (that they provide), and compares it to the measurement of electricity that you generate with your home solar system. Utility customers that produce more electricity than they use in a month will be billed for the regular monthly charges and credited for each kWh (kilowatt-hour) of access energy generated. The credits appear on the bill for the following month. But different regional utility providers can differ on how unused credits are sold to the provider or expire. With Rocky Mountain Power for example, at the beginning of every calendar year unused credits are sold to the company at an average wholesale energy rate for winter and summer. To apply for net metering in your area contact your regional utility provider and/or visit their website to log in and submit an application.
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