New Incentives to Make the Switch to Solar Easier
With the heat on the rise, Utah is making it easier for business and homeowners to have solar panels installed. Through the Federal Residential Renewable Energy Tax Credit Program, Utahns can install panels at affordable rates and can receive a tax credit up to 25 percent of costs for installation and system components.
The benefits are endless when it comes to this opportunity. By participating in this program, you can choose to get solar financing and have solar installed with no upfront cost. Having solar reduces your energy bills, which means you will be saving where it matters and can splurge in other ways. Saving money while saving the planet has never been easier especially when there are affordable solar loans and tax credit incentives.
Not Just for Business and Homeowners
This program doesn’t only affect business and homeowners, but installers and construction companies too. Construction companies can apply for a tax credit after installing panels on a residential unit. For those who lease a non-business, you are also eligible for the credit too however, you may not claim the credit for more than seven years from when you leased the system.
How to Apply
Applying the for the tax credit can be done in two steps. Owners must first apply with the Utah State Energy Program and then receive the tax form TC-40E from the Utah Tax Commission. After the form is received, system owners need to complete and submit the tax form with their annual tax filing. However, the filer may claim the credit for up to four years after.
To make sure that you save on solar financing and receive your correct credit, the state requires all system costs to be documented “as completely as possible.” Documentation can include invoices, catalog listings, receipts, designs and more.
Having solar panels for your business or home has never been easier. With incentives like these, there’s no reason not to think about installation. If you decide to install, you’ll save on your monthly energy bill and have renewable energy at your disposable.
Published: July 17, 2017
Tags: solar benefits, solar panels, Utah