BUSINESS + ECONOMY

New credit system to incentivize renewable electricity projects to move to Utah

Dec 22, 2023, 2:00 PM

Solar panels fuel a track equipped with power transfer coils embedded in the roadway, enabling prop...

Solar panels fuel a track equipped with power transfer coils embedded in the roadway, enabling properly equipped electric vehicles to charge while they’re in motion, at Utah State University's Engineering Research Center for Electrified Transportation in North Logan on Thursday, Aug. 6, 2020. (Jeffrey D. Allred)

(Jeffrey D. Allred)

SALT LAKE CITY — Utah has an incentive — called a Production Tax Credit system — to bring more solar-power farms and other renewable electricity projects to the state. 

Chris Reisinger with the Utah Office of Energy Development explained to KSL NewsRadio how PTC works. 

“It [the PCT] is used to bring down an entity’s or taxpayers’ liability. So they have to pay taxes in the first place, then they can use this credit to bring down their liability,” he said. 

This tax credit can be used for any large-scale solar-power farms, wind farms and other renewable electricity projects. 

Reisinger said the credit helps bring a lot of renewable energy projects to the state. 

“The Production Tax Credit is one of our more successful programs when it comes to applicants for alternative-energy generation,” Reisinger said. “We’ve actually heard firsthand from a lot of folks that it is very attractive when they’re considering other states [to operate in].”

The credit is based on the amount of energy produced. The program provides $0.35 per kilowatt hour for any electricity produced during the first four years of operation. So, the more energy a project produces, the more credit it will receive that can be used toward its tax liability. 

Related reading:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

A nurse works in the laboratory room in El Nuevo San Juan Health Center at the Bronx borough in New...

Tammy Kikuchi

Skeptics have doubts about universal health care model for Utah

One of the biggest concerns is affordability, according to a recent presentation at the Kem C. Gardener Policy Institute.

54 minutes ago

Salt Lake City’s downtown skyline on Tuesday, Jan. 30, 2024. Jazz owner Ryan Smith continues to d...

Mariah Maynes

Utah Jazz owner hypes potential “sports-centered” downtown Salt Lake

Ryan Smith, the owner of the Utah Jazz, is hyping up the possibility of bringing more professional sports teams to Utah. 

20 hours ago

FILE: An Angel bike given to the family of Eli Mitchell in April, 2023. Mitchell was hit and killed...

Britt Johnson

Families of drunk driving victims fight possible new Utah liquor license legislation

The bill sponsored by Rep. Jefferson Burton would increase the number of liquor licenses issued by the state of Utah.

2 days ago

FILE: Tech workers are feeling a decline in on-the-job happiness according to a new survey. (Getty ...

Tammy Kikuchi

Tech workers report declining job happiness

Tech workers and those in the construction industry are on opposite sides of the a survey on job happiness.

2 days ago

The Federal Trade Commission sued to block a proposed merger between grocery giants Kroger and Albe...

DEE-ANN DURBIN AP Business Writer

US sues to block merger of grocery giants Kroger and Albertsons

The FTC says the $24.6 billion Kroger Albertsons merger would eliminate competition and lead to higher prices for millions of Americans.

2 days ago

pay gap...

Curt Gresseth

Why is the gender pay gap not closing?

The gender pay gap in the U.S. and Utah is not closing. A Utah financial planner details the impact that wage shortfall can have on a women workers over a career.

5 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

New credit system to incentivize renewable electricity projects to move to Utah