COMMUNITY LIVING
Can you get a tax rebate for going solar ?
IS THE TAX REBATE FOR GOING SOLAR WORTH IT ?
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In a bid to reduce the pressure on Eskom , Finance Minister Enoch Godongwana announced a new tax incentive last month , to encourage South African homeowners to invest in clean electricity generation . As part of the new scheme , homeowners who install rooftop solar photovoltaic ( PV ) panels will get a tax rebate of up to 25 %.
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S U S T A I N A B I L I T Y
Sounds appealing ? Here is everything you need to know :
How does the tax rebate work ?
Information related to this tax break is currently found in guidance notes by the National Treasury and will only receive presidential assent early next year . It proposes that individuals who install new ( unused ) solar PV panels between 1 March 2023 and 29 February 2024 can claim a tax rebate to the value of 25 % of the solar panels , capped at a maximum of R15,000 per individual .
The rebate cap means that to get the maximum return , a homeowner would have to purchase R60,000 worth of panels , explains Dr Andrew Dickson , an engineering executive at CBI Electric . ‘ For example , if a person purchased