Christopher M. Conabee
Eric B. Nay
Renewable Energy Development Incentive
Utah’s vast renewable energy resources, history of innovation, and pioneering spirit position the state as a leader in the clean energy economy. This leadership, combined with aggressive incentive programs, creates an environment where business leaders can grow the renewable energy and efficiency industries.
The incentive amount and duration is determined by the Governor’s Office of Economic Development Board and Executive Director based on statutory guidelines and evaluation criteria, including the financial strength of the company, the number and salary of jobs created, amount of new state tax revenue, long-term capital investment, competition with other locations, and whether the company engages in renewable energy generation related to:
- Waste Gas/Heat Recovery
The Renewable Energy Development Incentive (REDI) is a post-performance refundable tax credit for up to 100% of new state tax revenues (including, state, corporate, sales and withholding taxes) over the life of the project (typically 5-10 years).
- Project consists of renewable energy generation or related manufacturing
- Create new high-paying jobs
- Pay at least 125% of urban county average wage or 100% of rural county average wage
- Demonstrate company stability sustainability
- Secure commitment from local community to provide a local incentive
- Demonstrate competition with other locations
- Enter into an incentive agreement with the Governor’s Office of Economic Development that specifies performance milestones