Home

 › 

Articles

 › 

How-to

 › 

How to Save Money on Solar Panels In Wyoming

Solar panels against a blue sky with a picture of the flag State of Wyoming

How to Save Money on Solar Panels In Wyoming

Key Points

  • Wyoming offers few incentives to support a home solar array, making it difficult for homeowners to make the switch.
  • One of the best ways to save money on solar panels in Wyoming is through the federal solar tax credit, which offers 30% back on all purchases made toward a solar panel system.
  • Wyoming’s net metering law requires utility companies to compensate for excess solar energy produced by residential arrays, with some homeowners receiving near retail rates and the ability to rollover credits.
  • Wyoming does not have renewable portfolio standards, which hinders the availability of benefits and support for solar panels.
  • Homeowners in Wyoming can choose to lease solar panels, but with low electricity rates, most won’t see a net return that justifies the monthly payments.

In 2019, the state legislation narrowly fought off an attempt to strip net metering in the Equality State. Despite plenty of reasons to support solar panels in Wyoming, there’s virtually no support for them. This makes homeowners wonder if it’s worth investing in a home array or not.

Fortunately, benefits exist that help with covering the cost of an installation. By understanding the available programs, making the switch becomes far more affordable. This article covers these programs in detail. Let’s get started.

How to Save Money on Solar Panels in Wyoming: Overview

If we look at just the cost of solar panels in Wyoming, homeowners may consider an investment. The Equality State features decent equipment rates, excellent sunlight, and low energy requirements, resulting in affordable solar panel systems across the board. Those who make the switch can save as much as $15,000 or more over 25 years.

However, it seems that state officials haven’t noticed these perks, as Wyoming offers few incentives to support a home array. This means homeowners have to take on the brunt of the investment, making it difficult for most to make the switch. 

Still, a few benefits exist, including a decent net metering program. Along with federal incentives, Wyomingites can save considerably on a home solar system. Let’s take a look at how these benefits work.

Solar Panels in Wyoming: Federal Incentive

One of the best ways to save money on solar panels in Wyoming is through the federal solar tax credit. This government program offers 30% back on all purchases made toward a solar panel system. This includes equipment, labor, and even sales tax. Wyomingites who purchase a 6kW system could save more than $4,500 on their federal income taxes.

Because there’s so much at stake here, it’s important to meet the qualifications. Firstly, you must own your solar array outright, either through purchase or loan. Additionally, you need to live at the home where the system is installed, and all equipment must be new. 

You have until 2032 to take full advantage of the federal return. The credit drops to 26% in 2033 and to 22% in 2034. And unless it’s extended, this program ends in 2035. Therefore, it’s wise to wait for any potential state incentives, but not for too long.

Wyoming State Credits and Rebates

In many states, the most direct incentive for supporting solar comes in the form of tax credits or rebates. Unfortunately, neither of these exists in the Equality State at the current moment. Therefore, you can expect to pay the full amount (minus the federal return) for your array.

The only standing incentive for solar panels in Wyoming is the state’s unexpectedly great net metering law. This mandate requires utility companies to compensate for excess solar energy produced by residential arrays. The current regulation has power companies offering a credit worth anywhere from avoided-cost to retail rates. To find out what your credit is worth, contact your electricity supplier.

With some homeowners receiving near retail rates, the net metering regulation is already pretty good. Where it excels is in its rollover rule. Where the standard is to have all leftover credits expire at the end of the year, Wyoming requires utilities to purchase them at the avoided-cost rate. That means any existing credits come back to you in the form of a paycheck.

Solar panels installed on the dark roof of a home with snow in winter
The only state-level program for solar panels in Wyoming is a solid net metering law.

Solar Panels in Wyoming: Government Regulations

The lack of benefits largely stems from Wyoming’s nonexistent renewable portfolio standards (RPS). We use a state’s RPS to determine its intentions regarding clean energy. And with none available, it’s difficult to expect utilities to want to offer any support. Let’s hope that the future brings change.

Should Wyomingites Lease Solar?

In some states, homeowners can choose to lease solar panels when purchasing is not an option. Solar leasing disqualifies the array from financial incentives (including the federal return) but offers an affordable alternative to electricity.

Fortunately, Wyoming allows homeowners to lease solar panels. However, with such low electricity rates, most won’t see a net return that justifies the monthly payments. Therefore, we only recommend this option for those wanting to improve their carbon footprint.

Solar Panels in Wyoming: Incentive Summary

IncentiveAccessibility
Federal Tax Incentive30% credit
Wyoming Tax Credits / RebatesNone / none
Net MeteringNet metering at varied credit rate; annual payoff at avoided-cost rate
Renewable Portfolio StandardNone
Property Tax ExemptionNone 
Sales Tax ExemptionNone 
Performance Payment ProgramNone

Frequently Asked Questions

Do you actually save money by going solar in Wyoming?

With decent equipment prices and excellent sunlight, solar panels in Wyoming make total sense. Even with already low electricity rates and little government support, homeowners in the Equality State could save as much as $15,000 or more over 25 years.

How long does it take for solar panels to pay for themselves in Wyoming?

With an average annual electricity bill of $1,256.52 to use as a utility offset, a 6kW system could be covered in 12.3 years.

How much do solar panels cost in Wyoming?

In Wyoming, homeowners can expect to pay about $2.57 per watt for solar energy. This equals around $15,420 for a 6kW system. Factors that can affect this price include wattage, sunlight, equipment type, installation quality, and financial incentives.

To top