The Utah Clean Energy Credit (RESTC) is available for homeowners installing solar PV, wind, geothermal, biomass, or renewable thermal systems. It is not available for residential batteries and fuel cells. The credit is worth 30% of the system costs and can be carried over to following years. The credit is limited to one per residence. You can transfer the credit to the new owner if you sell your home. If you’re interested in installing solar panels, you should first apply for the state solar credit. You can do this online or with a paper application. The process is quick and easy. The only cost is a $15 application fee
If you install solar panels in your home, you can claim the RESTC on your state income tax return. To do so, file Form TC-40E with the Governor’s Office of Energy Development and get it certified. If you hired a solar installer, they will provide you with this form.
Solar energy is a great way to lower your electricity bills and help the environment. It can also increase your home’s value for potential buyers. However, the initial cost of installing solar panels can be a deterrent for some people. That’s why there are many incentives available to encourage people to invest in renewable energy.
The RESTC has a capped value of 25% of the total system cost, or $400, whichever is less. The credit will be phased out starting in 2023 and eliminated entirely in 2024. You can find more information on the RESTC and other energy tax credits on the Governor’s Office of Energy Development website.