Lumio expanding its Utah headquarters
Salt Lake City — The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Lumio, Inc. plans to expand its operations in Salt Lake City, Utah, adding up to 3,697 new high-paying Utah jobs in the next 20 years.
“The amount of jobs Lumio will bring to the state will have a big impact on our local economy,” says Dan Hemmert, the Office of Economic Opportunity’s executive director. “There is a big market for solar and home experience upgrades in Utah, and we wish Lumio success as they continue to grow and expand.”
Lumio is a leading technology company and instant top-five US residential solar provider comprising four leading regional solar companies and multiple software platforms. Lumio’s collective strength lies in experience design, software, partnerships, supply chain, cooperative sales strategies, fulfillment, and best-in-class operations.
“We’re increasing demand for renewables and decentralized energy production, storage, and management, so it’s crucial that Lumio invests heavily in the tech and the people who will meet this demand,” says Greg Butterfield, CEO of Lumio. “We’re thrilled to partner with Go Utah to ensure the state is at the forefront of sincere sustainability.”
Butterfield also notes, “Our leadership team has built dozens of companies across the Wasatch Front, so we know from experience that Utah develops and attracts the best people anywhere.”
Lumio may receive up to 25 percent of the additional state taxes it will pay over the 20-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $40,308,233. Each year that Lumio meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“While our involvement in this expansion project was limited, we welcome Lumio to Utah’s fast-growing tech industry,” says Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “Our state is a productive base for any innovative company like Lumio.”
State of Utah Tax Credit Projections by the Numbers
Timeline: 20 years
Capital investment: $120 million
Projected news state tax revenue: $161,232,932
EDTIF new state taxes: 25%
EDTIF amount: $40,308,233
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the new state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.
About the Utah Governor’s Office of Economic Opportunity
Under Gov. Spencer J. Cox’s direction, the Utah Governor’s Office of Economic Opportunity (Go Utah) provides resources and support for business creation, growth, and recruitment. It also drives increased tourism, film production, outdoor recreation, and mixed martial arts in Utah. Utilizing state resources and private sector contracts, the office administers programs in economic areas that demonstrate the highest potential for development and the most opportunity for Utahns. Learn more at business.utah.gov or by calling (801) 538-8680.
Lumio was born in December 2020 when the founders of four leading regional solar companies, together with CEO Greg Butterfield (WordPerfect, Novell, Legato, Altiris, Symantec, Vivint Solar, and serial Utah investor) set out to decentralize power, elevate communities, and create Earth’s best home experience. The company became an instant Top-Five U.S. residential solar provider with several thousand team members and a first full-year run rate of over $1 Billion in sales. Every day Lumio delivers on its promise of the industry’s fastest installs and most personalized customer experience. Lumio extends value beyond the rooftop and into the home with services and brilliant tech that make power personal. To learn more, visit lumio.com