Tax breaks for rooftop solar in South Africa -INCENTIVES FOR BUSINESSES AND PRIVATE HOUSEHOLDS!

This takes effect from 1 April 2023 and will apply for the next two years ONLY!
For private households, individuals who install rooftop solar panels from 1 March 2023 will be able to claim a rebate of 25% of the cost of the panels, up to a maximum of R15,000.
“This can be used to reduce their tax liability in the 2023/24 tax year. This incentive will be available for one year,” the minister said.
To qualify, the solar panels must be purchased and installed at a private residence, and a certificate of compliance for the installation must be issued from 1 March 2023 to 29 February 2024.

⬇Renewable tax breaks for businesses⬇
According to the minister, from 1 March 2023, businesses will be able to reduce their taxable income by 125% of the cost of an investment in renewables.
“There will be no thresholds on the size of the projects that qualify, and the incentive will be available for two years to stimulate investment in the short term,” he said.
The current incentive allows businesses to deduct the costs of qualifying investments over a one- or three-year period, which creates a cash flow benefit in the early years of a
project.

Businesses are able to deduct 50% of the costs in the first year, 30% in the second and 20% in the third for qualifying investments in wind, concentrated solar, hydropower below 30 megawatts (MW), biomass and photovoltaic (PV) projects above 1 MW. Investors in PV projects below 1 MW are able to deduct 100% of the cost in the first year.

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