According to the US Energy Information Administration, Wyoming leads the US in coal production, providing 41% of the country’s coal.
Nevertheless, if you live in the state, you can still reap the benefits of moving to solar energy.
To help you save on solar energy, we’ve compiled a list of various federal, state, and business-specific Wyoming solar incentives.
While Wyoming lacks statewide solar incentives, residents can still achieve savings through the Federal Tax Credit, net metering, and additional incentives. Explore the offerings available in Wyoming for those considering a switch to solar energy.
Federal Tax Credit in Wyoming
Under the Inflation Reduction Act, Wyoming residents qualify for a 30% Investment Tax Credit. This allows for a 30% solar tax credit on solar systems from the present through 2032.
The credit decreases to 26% in 2033, further dropping to 22% in 2034, with its expiration in 2035 if not renewed by Congress.
It’s important to note that the federal tax credit is non-refundable, meaning excess credits beyond one’s income tax bill won’t result in a refund.
Net Metering in Wyoming
Also known as net energy metering, this approach enables individuals to recoup expenses incurred on solar panels.
By linking to the electrical grid, surplus energy generated can be sold back to the local utility company or energy provider, offsetting solar panel costs.
Traditional meters measure electricity solely from the utility company to the home, whereas net metering employs a meter tracking electrical flow both into and out of the home.
Excess energy generated is directed to the electrical grid, benefiting other residents. Conversely, when energy usage exceeds solar panel production, energy is drawn from the grid.
While surplus electricity doesn’t yield cash back, it earns credits for every watt contributed to the grid, serving to alleviate the electric bill.
Cost of Solar Panels in Wyoming
The average cost of a 6 kW solar panel system in Wyoming is $13,389, which is below the national average. With the application of the 30% Federal Solar Tax Credit, the cost of Wyoming solar panels is reduced to $9,372.
System Size Cost Cost with 30% Federal Solar Tax Credit Applied
6KW $13,389 $9,372
8 kW $17,852 $12,496
10 kW $22,315 $15,621
For larger homes that may require a solar system with more kilowatts, an 8-kW solar system in Wyoming costs $17,852 on average, or $12,496 after accounting for the federal credit. Similarly, a 10-kW solar system is priced at $22,315, with an effective cost of $15,621 after factoring in the solar credit.