Federal Tax Credit
The federal tax credit is the biggest incentive for going solar. It will give you a tax credit of 30% of the total cost of your system, including labor, permitting, and engineering, as long as you have a tax liability that can be offset. But, if you can’t use all of the credit this year because your tax liability isn’t big enough, you can carry it over to next year. Download the Federal tax credit form here
|Incentive Type:||Personal Tax Credit|
|Eligible Renewable/Other Technologies:||Solar Water Heat, Photovoltaics, Wind, Fuel Cells, Geothermal Heat Pumps, Other Solar-Electric Technologies, Fuel Cells using Renewable Fuels|
|Maximum Incentive:||Solar-electric systems placed in service after 2008: no maximumSolar water heaters placed in service after 2008: no maximumWind turbines placed in service after 2008: no maximumGeothermal heat pumps placed in service after 2008: no maximumFuel cells: $500 per 0.5 kW|
|Eligible System Size:||Fuel cells: 0.5 kW minimum|
|Equipment Requirements:||Solar water heating property must be certified by SRCC or a comparable entity endorsed by the state where the system is installed. At least half the energy used to heat the dwelling\’s water must be from solar. Geothermal heat pumps must meet federal Energy Star criteria. Fuel cells must have electricity-only generation efficiency greater than 30%.|
|Carryover Provisions:||Excess credit generally may be carried forward to next tax year|
|Authority 1:Date Enacted:Date Effective:Expiration Date:||26 USC § 25D8/8/2005 (subsequently amended)1/1/200612/31/2016|
Information found on the Database of State Incentives for Renewability and Efficiency.
State of Utah Tax Credit
The state of Utah tax credit works a little differently than the federal tax credit. The state of Utah will give a credit of 25% up to $2,000, again, as long as you have a tax liability that can be offset. The state of Utah will allow you to carry the credit forward for four years. The 25% is capped at $2,000, so once you use the $2,000, it is exhausted and can’t be used for adding to an existing system.
Renewable Residential Energy Systems Credit (code 21)
Utah Code §59-10-1014 and Rule 865-9I-54Utah taxpayers may claim a non-refundable credit for the reasonable costs, including installation, of a residential energy system that supplies energy required for a Utah residential unit. Additional residential energy systems or parts may be claimed in following years as long as the total amount claimed does not exceed $2,000 per residential unit.A residential energy system is any active solar, passive solar, biomass, direct-use geothermal, geothermal heat-pump system, wind, or hydro-energy system used to supply energy to or for any Utah residential unit, such as a house, condominium, apartment, or similar dwelling unit.If the residence is sold to a non-business entity before claiming the tax credit, you may irrevocably transfer the tax credit to the new owner.The principal portion of system’s lease payments for a residential energy system may qualify for the credit, if the lessor irrevocably transfers the tax credit to the new owner.The Utah tax credit is in addition to any credit under federal law to which you may be entitled.Any tax credit in excess of tax due will not be refunded, but may be carried forward to offset tax for up to four years.Get form TC-40E, Renewable Residential and Commercial Energy Systems Tax Credits, from the Utah Department of Energy with their certification stamp, verifying the credit is approved and showing the amount of the approved credit.Do not send form TC-40E with your return. Keep the form and all related documents with your records.The credit is claimed by entering the allowable credit on Utah TC-40A, Part 4, using code 21.
For more information, contact:
Utah Office of Energy Development (OED)195 North 1950 West, 2nd FloorPO Box 144845Salt Lake City, UT 84114-4845Telephone 801-538-8718energy.utah.gov
Renewable Commercial Energy Systems Credit (code 39)
Utah Code §59-10-1106 and Rule 865-9I-54Utah taxpayers may claim a refundable tax credit for the reasonable costs, including installation, of a commercial energy system that supplies energy required for a Utah commercial unit, building or structure the taxpayer uses to transact business or a commercial enterprise that produces electrical, mechanical or thermal energy for sale.A commercial energy system is any active solar, passive solar, geothermal electricity, direct-use geothermal, geothermal heat-pump system, wind, hydro-energy, or biomass system used to supply energy to a commercial unit or as a commercial enterprise.The Utah tax credit is in addition to any credit under federal law to which you may be entitled.Get form TC-40E, Renewable Residential and Commercial Energy Systems Tax Credits, from the Utah Department of Energy with their certification stamp, verifying the credit is approved and showing the amount of the approved credit.Do not send form TC-40E with your return. Keep the form and all related documents with your records.The credit is claimed by entering the allowable credit on Utah TC-40A, Part 5, using code 39.
For more information, contact:
Utah Office of Energy Development (OED)195 North 1950 West, 2nd FloorPO Box 144845Salt Lake City, UT 84114-4845Telephone 801-538-8718energy.utah.gov Information found on Utah\’s income tax website.
Rocky Mountain Power
The Rocky Mountain Power rebate is probably the most confusing and misunderstood of all the incentives for going solar in Utah. The incentive itself is fairly high – scheduled for $1.20 per watt in 2014 – but there is only a limited amount of incentives awarded each year. The incentive is awarded on a lottery system, to those who apply after January 15th of the program year. Download the tariff here.
The Utah Solar Incentive Program (USIP) has been expanded by the Utah Public Service Commission. The program is designed to provide Rocky Mountain Power customers, both residential and non-residential, with a rebate after installation for a portion of the initial cost of installing photovoltaic (PV) systems.We are offering an incentive ranging from $0.70 to $1.15 per watt of installed PV.The incentive calculation has been modified for the expanded program to take into account system design factors. The incentive looks at the following attributes: system size, panel efficiency, inverter efficiency, azimuth (direction), tilt (angle) and shading.Rocky Mountain Power will begin accepting applications for the Utah Solar Incentive Program on January 15, 2015 at 9 a.m. MST. Applications will be accepted on a lottery basis untilJanuary 28, 2015 at 5 p.m. MST. All participants will be notified of the results no later than February 8, 2015. Note: Residents of Eagle Mountain City are eligible to apply for the Utah Solar Incentive Program during the January enrollment period.Information found on Rocky Mountain Power\’s website.
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The cost of installing efficient, reliable, and maintenance free solar in Utah is much more affordable than in many states. In California, for instance, solar arrays sell for as much as twice what Solaroo offers our arrays for. The cost of solar has decreased over the last few years, which means that coupled with rising electric rates, the time for Solar in Utah is NOW!
What most people have with Rocky Mountain Power and other utilities is like a variable rate mortgage. Variable rate mortgages are nice during the fixed rate term, but get scary because rates can go up after that initial term and can make your payment out of reach financially. Currently, most people are out of variable rate mortgages because of the risk. But your energy rates are the same. Utilities increase electric rates, and eventually could replace your mortgage payment as much as they are rising. Solar fixes in your cost for electricity and your risk, just as a 30 year or 15 year fixed mortgage does. But Solar can save you money day 1. Now that’s a no-brainer – fixed in cost, no risk, and a reduced energy payment.