PHOENIX, July 5, 2011 /PRNewswire/ -- Fueled by aggressive, new business incentives, Arizona is quickly becoming the premier location for renewable energy companies. The Arizona Commerce Authority will feature those new incentives and business opportunities available to companies at Intersolar North America, the leading annual solar industry exhibition and conference in San Francisco, July 12-14.
Arizona is home to more than 100 significant solar energy businesses, including the world's two largest solar companies, First Solar and Suntech.
"Arizona has been an ideal location for First Solar to grow its business, including our new factory under construction in Mesa that will add 600 associates to our local workforce," said Maja Wessels, Executive Vice President of Public Affairs for Tempe-based First Solar. "Arizona offers an attractive business climate, a talented workforce and boundless potential for clean solar energy."
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."
SOURCE Arizona Commerce Authority