Fueled by aggressive, new business incentives, Arizona is quickly becoming the premier location for renewable energy companies.
Arizona is home to more than 100 significant solar energy businesses, including the world’s two largest solar companies, First Solar and Suntech.
In recent months, Arizona has experienced significant growth in the renewable energy
marketplace. Companies are taking advantage of tax incentives, a pro-business climate, a specialized workforce and more sunny days than any other state in the country. “Arizona’s aggressive new focus on solar and renewable energy following the passage of the Arizona Competitiveness Package will significantly enhance economic development opportunities and encourage business relocation for companies that are leading the way in this fast-paced, innovative industry,” said Governor Jan Brewer. “The ACA is spreading the word that Arizona is the place to be for cutting-edge solar technology.”
Incentives for renewable energy companies in Arizona include:
Up to 10% of capital investments as a refundable income tax credit,
Arizona Competes deal closing fund,
Income tax credits up to $9,000 for each quality new job,
Up to $1.5 million in reimbursable grants to train employees,
Up to 34% R&D tax credit, and
Significant business tax reductions including lowering the state income tax from 6.97% to 4.9%.
“The U.S. solar industry has the opportunity to double in the coming year. Arizona and the ACA are committed to being a part of that growth,” said Don Cardon, president and CEO of the ACA.
“Arizona is armed with business opportunities and tax incentives which make us the leading contender in the renewable energy.”
