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In response to the severe energy crisis experienced by the country, Government is proposing various policy measures to the renewable energy mix to improve energy efficiency and lower pressure on the grid. In order to encourage households to invest in clean electricity generation capacity which can supplement electricity supply, in the 2023 Budget, Government proposed a rooftop solar tax incentive for individuals who invest in solar photovoltaic (PV) panels.
Expansion of the renewable energy tax incentive
Under the enhanced renewable energy tax incentive, taxpayers who are conducting businesses will be able to claim a 125% tax deduction (in the first year) for qualifying capital expenditure in respect of all renewable energy projects, with no threshold on generation capacity.
The enhanced incentive will be available for a period of two years and apply to investments in renewable energy projects brought into use for the first time on or after 1 March 2023 and before 1 March 2025.
Rooftop solar tax incentive
With respect to the rooftop solar tax incentive, individuals will be able to receive a tax rebate to the value of 25 per cent of the cost of any new and unused solar PV panels, up to a maximum of R15,000.
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