Local businesses and business offices can save on energy bills with solar panels and Utah solar rebates. Office complexes or stand alone businesses can profit from having solar panels and energy to offset their power bills.
For bigger commercial installations, a state rooftop solar tax credit is available! For solar photovoltaic systems, the business Investment Renewable Energy Systems Tax Credit is refundable and pays up to 10% of the qualified system cost or $50,000, whichever is less. Only the same year's taxes as when the solar system was installed can be used to claim the commercial incentive.
The purchase or leasing of equipment used to produce power from alternative sources is free from state sales tax in Utah. On or after July 1, 2004, and before June 30, 2027, eligible purchase or leases must be made for or by a renewable energy producing facility. Every lease must be for a minimum of seven years.
Commercial installations that use solar PV, wind, geothermal, hydro, biomass, or certain renewable thermal technologies are eligible for the Renewable Energy Systems Tax Credit. The tax credit is refundable for commercial building installations and is assessed as 10% of the qualified system cost or $50,000, whichever is less. For all qualified renewable energy technology, the tax credit amount is the same.
The best part about having solar panels installed on your business or office building’s roof is not the tax credits, but the overall energy savings. Year after year your savings from supplementing your power supply with solar energy will continue to add up and be reinvested into other areas of the business.
If you have been considering solar power for your business or commercial office building give us a call at Four Seasons Solar for a free consultation. You can also fill out our Free Estimates Form and submit it along with a copy of your power usage to get an online estimate from one of our specialists.