![]() However, the ITC will also decrease in value over the next few years. Utah’s RESTC program is available in addition to the federal Investment Tax Credit (ITC). Additional Information on Utah’s Tax Credit for Renewable Energy While you do not need to file your TC-40E with your state or federal taxes, you will be required to present it if you are audited. ![]() Be sure NOT to select Qualifying Solar Project Credit. When filing your state taxes, you can claim the Renewable Residential Energy Systems Credit: Code 21. If the amount of your tax credit is more than your tax owed, the remaining amount can be rolled over and used in the following years (up to four years after filing.) It is assessed as a reduction of your tax liability and is non-refundable, so any excess will not be paid out as cash. Utah’s tax credit can be claimed when filing your state income taxes. While the 25% of eligible solar system costs will remain the same over the life of the program, only the lesser amount can be claimed and the value decreases by $400 each year from 2022 to 2024. From 2018 to 2021 the maximum tax credit is 25% of system costs or $1,600, whichever is lower. Utah’s RESTC program is set to expire in 2025. By 2024, the tax credit will only be worth $400. However, the tax credit will decrease in value by $400 each year until it expires. The tax credit can be claimed again for additional systems or parts in the following years. Until 2021, the RESTC program offers a tax credit equal to 25% of eligible system costs or $1,600, whichever is less. The RESTC program is one method Utah is using to meet this mandate. In addition to these factors, Utah has voluntarily mandated that a percentage of energy produced in the state should come from renewable energy sources. Energy costs are expected to increase over that same time period. ![]() Over the next few years, both solar incentives will be decreasing in value until they expire. With available tax credits from both state and federal governments, now is the best time to invest in solar energy for your home. Utah Solar Tax Credit: Utah Renewable Energy Systems Tax Credit (RESTC) Program
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