Wyoming enjoys immense sunshine and has wonderful laws encouraging the use of renewable solar energy. When considering enjoying a greener lifestyle, investing in Wyoming land is a wonderful option. Fortunately, you can acquire land here through a government auction. This is the easiest and hassle-free process to acquire land. Here are the various solar energy incentives that add to the benefits of living in Wyoming.
Free wind evaluation
This state has no renewable portfolio standards. This regulation requires increasing use of utilities powered by renewable energy sources including solar, wind geothermal, and biomass by a particular date. Your utilities have to meet this standard through producing own renewable energy or acquiring from others. Not meeting these standards makes you liable to pay a huge fine. Living in Wyoming protects you from paying high fees. This state does not have a solar carve-out and doesn’t require meeting a particular percentage of renewable portfolio standards.
This is the connection of solar panels and other renewable energy sources to a public utility grid. Net metering allows the transfer of surplus power to the national grid to offset the cost of drawing power from the grid. On generation of power from your residential or commercial solar system, your energy purchase from the national grid significantly reduces.
It comes with subsequent lowering of the monthly energy bill. When your solar system generates excess energy that you can use, the excess is sold to the national grid. This amount is a deduction from your monthly bill or a credit to your future energy bill. The savings on the energy bill through net metering make investing in land for sale In Wyoming a good bargain.
These standards regulate the connection of solar or other electrical generation sources to the national grid. Interconnection standards apply to utilities and electricity customers. Fortunately, Wyoming lacks statewide interconnection standards. This makes the process of interconnection cheaper and less complex. It comes with significant benefits to invest in a solar energy system while allowing the project to be financially viable.
State energy rebates
The state government offers incentives that significantly lower the cost of getting a solar system. There is no state rebate program in Wyoming but you get a lump sum while your installer will take a figure off the final cost of the installation. Filing for solar rebates requires some paperwork but your installer can handle this on your behalf. You just have to ensure that the installer you work with gives you guidance on how to qualify. There is also a chance to qualify for the 30 percent federal solar rebate for installing a solar system.
Energy tax credits
There is no income tax in Wyoming making it impossible to benefit from state solar tax credits. However, you deduct the amount directly from the tax payment instead of your taxable income. The cred is credited from your vacation home, primary residence, or other new construction or existing structure.
Solar energy performance earnings
The state doesn’t offer solar energy production incentives. These solar performance payments offer small cash earnings depending on how much energy your solar system generates. The earnings depend on the actual performance of your system for more effectiveness compared to payments depending on the system’s rated capacity. The power generated by your system receives Solar Renewable Energy Credits making your solar energy system give good returns on investment.
Energy sales tax exemptions
Wyoming lacks exemptions on sales tax. This sales tax exemption is the amount business owners or homeowners don’t pay as a tax on a commercial or residential solar system. A combination of the declining cost of solar installation and equipment with the 30 percent federal tax rebate makes investing in Wyoming land a viable investment. Life here comes with lower costs while encouraging a green lifestyle.
Property tax exemption
You benefit from property tax exemption when you install a residential or commercial solar system. During the valuation of property tax, the benefits derived from solar system are not considered. With a chance of a regular home solar system increases property value by about 20 times, you will love the immense annual savings on energy. Investing in Wyoming land is a smart investment with a prospect of benefiting from the local property tax exemption on a residential or commercial solar installation.
Low electric rates
The state’s electricity rates are affordable backed with the low cost of solar installation. This low electricity rate makes energy use cheaper. With a solar system connected to the local grid, you are safe from high-energy costs from the grid. You are sure to enjoy the use of low-cost energy from the grid with backup from your solar system.
Investing in land is a great investment decision. Wyoming is a great location when looking to invest in land backed by the cheap rates when buying through a government auction. Living here offers significant benefits including the state’s favorable solar investment incentives.