April signals tax season, not typically a time for celebration. However here at Utah Clean Energy, we’re excited about the millions of dollars of new tax incentives and rebates available for Utah families, businesses, and nonprofits to save money and reduce pollution! Kick off the spring season with projects to upgrade your home or business with energy efficiency, powered by rooftop solar, and hitting the road in a pollution free electric vehicle. Click here for details on the variety of tax incentives available to help you get started today (link to full blog).
For Business Owners:
- Solar power: There are federal tax credits and state tax credits for businesses to install rooftop solar. And there are utility incentives for battery storage! Get the details here.
- Energy efficient upgrades: A tax deduction provides up to $5 per square foot for installing qualified energy efficient improvements at commercial and institutional buildings. This deduction can be transferred to building design professionals in certain circumstances. Get the details here.
- Electric vehicles and fleets: Businesses can receive up to $40,000 to upgrade to an electric Medium-Heavy Duty Vehicle, and grants are available to electrify entire fleets. Learn more here.
- Electric vehicle charging: Businesses can access federal tax credits, utility incentives, and possible grants to help install charging infrastructure. Learn more here.
- Bonus credits: That tax credits can be bolstered even further when projects are undertaken in low-income or energy communities, providing a 10-20% boost to the above credits. Learn more
For Tax-Exempt Entities:
For the first time ever, the IRS has created a pathway for tax-exempt entities to take advantage of federal tax incentives. Through the elective pay program, state, local, and territorial governments, tribal entities, publicly-owned utilities, charities, schools, hospitals, houses of worship, and many other 501 entities can take advantage of the above tax credits and lower their emissions. This has the potential to allow public and non-profit entities to invest in clean energy and energy efficiency projects in a way that would not have been possible before. After pre-registering an eligible project, these entities can file directly with the IRS and will receive a tax refund for the qualifying amount.
For Individual Taxpayers:
- Energy efficiency projects: Homeowners and property owners can take advantage of tax credits covering up to 30% of the cost of upgrades for everything from an energy audit, efficient windows, doors, and so much more! Learn more here.
- Electric vehicles: You can receive up to $7,500 in tax credits with the purchase a pollution free, new electric vehicle. And now, drivers can also receive up to $4,000 for a previously owned clean vehicle. Learn more here.
- EV Charging: Both tax credits and utility incentives are available to help cover the cost of installing EV charging at your home. This credit provides up to 30% of the cost of the charging hardware and up to $1,000 for the installation. Learn more here
Get your energy upgrades started today and access these tax credits at home, your business, or nonprofit. Check out Utah Clean Energy’s “Energy Hub” for additional details on the tax credits listed here. For further questions, reach out to Max Becker, Utah Clean Energy’s in-house specialist on all things Inflation Reduction Act, at max@utahcleanenergy.org.
