Wyoming is one of the sunniest states in the USA, getting anywhere from five to seven peak sun-hours a day, depending on the location and on the time of the year. This much sunshine means that the solar power system will generate more electricity than it would in other states. Also, Wyoming’s generous Net Metering program, which is available to all its residents, allows you to get a full-priced credit for energy your solar system generates.
As of today, the average cost of a Wyoming solar panel is $3.98 per watt. That makes the price of the 5kW solar panel system about $20,000. However, 30% of that cost will be returned on the next year's taxes, thus bringing the cost down to $14,000.
The Federal Investment Tax Credit – With this government program, you will receive a 30 percent tax credit, including on all solar accessories, installation, and labor, in the following year.
Net Energy Metering (NEM) program – this policy applies to all utility companies and electric cooperatives in Wyoming. It allows you to sell excess solar power to the utilities at a retail rate. The maximum solar power system size eligible for the program is 25 kW.
Solar Tax Credit - Wyoming does not have a state tax, therefore there are no solar tax credits that can be used.
Wyoming is a very sunny state and that is just another reason why solar advantages greatly outweigh the disadvantages. Wyoming’s favorable amounts of sunlight represent a great opportunity to save money on solar. With the solid Net Metering system in place that allows you to build up all your unused credits, you have the potential to receive all your energy from solar thus saving even more money.
When you install a solar system, 26% of your project expenses apply toward a credit to offset any taxes you owe that year. This federal tax credit is a major incentive to go solar, but it is going to be phased out by 2024.
To be eligible to claim this credit, you must owe federal taxes.