So I've alluded to this in previous posts, but I've finally got around to investigating and found that SLC will be offering full transit passes for $30/month starting March 1st. See here for details. This is what Mayor Becker (photo from here) and UTA were so excited about in October and it's heartening to see it playing out as planned.
Just as a cost comparison, a yearly full-system UTA pass (for those living in SLC) will be ~$360, whereas the total cost of a vehicle per year is at least roughly $5,000. So, if a family is able to get rid of a car because of public transit, the potential savings are indeed quite large.
One hopes that other local municipalities follow suit (South Salt Lake, Sandy, Murray, West Valley City, Cottonwood Heights). These passes will hopefully start a feedback loop, in which more riders justify more bus lines, which bring even more people into the system. Thanks, Mayor Becker!