On average, Utah residents spend about $131 per month on electricity. That adds up to $1,572 per year.
That’s 35% lower than the national average electric bill of $2,426. The average electric rates in Utah cost 13 ¢/kilowatt-hour (kWh), so that means that the average electricity customer in Utah is using 1,008 kWh of electricity per month, and 12,096 kWh over the course of the year.
Solar saves you money by reducing or eliminating your monthly electric bill. The amount that you can save with solar in Utah is based on two factors: how much you spend on electricity now and how much of your electric bill you can offset with solar.
Based on the intensity and amount of sunlight hours in Utah, the average electricity customer in Utah will need a 7.7 kilowatt (kW) solar panel system to offset 100% of their annual electricity consumption of 12,096 kWh per year. On the EnergySage Marketplace, solar shoppers in Utah pay an average of $21,000 for a 7.7 kW solar panel system prior to incentives.
The savings from offsetting 100% of an electric bill with solar can add up fast! Assuming an 1.0% annual increase in electricity prices and that you install your system with a $0-down loan, you can expect to save $1,600 in your first year, $8,000 over five years, $16,500 over 10 years, and $34,600 over 20 years on electric bills in Utah. Over your system’s lifetime you’ll save more by financing your solar system with a cash purchase, but you won’t start saving in year one. Learn more about how to finance your solar panel system.
Rocky Mountain Power Spokesman Dave Eskelsen said they have worked hard to keep prices low by utilizing a variety of power sources. “We have coal resources [and] natural gas resources. We have investments in wind power,” said Eskelsen. According to Eskelsen, up to 90% of their power is generated by their power plants.
In 2022, the average U.S. residential retail electricity price was 15.12 cents/kWh, an 11% increase from 13.66 cents/kWh in 2021. After adjusting for inflation, U.S. residential electricity prices went up by 2.5%. Higher fuel costs for power plants drove the increase in residential retail electricity prices.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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