| Utah's
own . . . Tour of Solar Buildings m |
| The
state of Utah offers an income
tax credit for
renewable energy systems.
Here's how it works: m |
| Who can claim it? |
| Any Utah individual or business who installs a heating or power system using renewable energy. This includes solar, passive solar, solar thermal (hot water), wind, hydro and biomass. The tax credit takes in new construction, in addition to retrofits like adding solar heat to a swimming pool. Systems in homes, condominiums or apartments qualify, but those in motor homes do not. |
| How much tax credit can I claim? |
| For individuals, an amount equal to 25 percent of the costs of the renewable energy system, including installation, or $2,000, whichever is lower. For businesses, the credit is equal to 10 percent of the system costs, with a maximum of $50,000. |
| When can I claim it? |
| The credit can be claimed for the taxable year in which the system is completed and placed into service. Utah’s Legislature renewed the tax credit in June 2001; and it remains viable through 2006. |
| What do I have to do? |
| First, you must submit a written application, complete with copies of receipts, to the Utah State Office of Energy and Resource Planning. (Obtain application forms by contacting OERP at 1594 W. North Temple, Suite 3610, Box 146480, SLC, UT 84114, or by calling 801-538-5428.) If OERP finds that your system is eligible, it will send you a TC-40E with an OERP stamp of approval to submit with your state tax return. Provide enough turn-around time so that you're not butting up against the April 15 tax deadline. |
| Important links and information sources |
| www.utahtax.com/state/energy.htm
www.rules.state.ut.us/publicat/code/r637/r637-001.htm Direct questions about eligibility requirements to OERP, 801-538-5428 Direct tax questions to the State Tax Commission at 801-297-2200 or 800-662-4335.
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| Net metering in Utah |
| 34 U.S. states now have a law that requires the electrical utility to buy back (or issue credit for) power created by home-based renewable energy systems. Utah joins that group, now that the 2002 Utah Legislature has approved a net metering bill for Utahns. |
|
Listing
of homes l
What is the solar tour? l
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