THE TAX CREDIT FOR INDIVIDUALS INSTALLING SOLAR PANELS IS HERE, FOR A LIMITED TIME ONLY
THE PROPOSED new law regarding the tax credit available to individuals who install solar panels has been announced.
The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news, as it affords individuals with a uniformed opportunity in claiming the same tax credit. Under a deduction form, a sliding scale is applied, which is dependent on each individual’s income and tax bracket.
Four key ingredients
Individuals who claim the solar energy tax credit must ensure that the following requirements are met:
1. The solar panels must be new and unused; and acquired by the person, and for the first time brought into use by such person, from 1 March 2023 to 29 February 2024;
2. They must have a generation capacity of at least 275 watts;
3. The solar panels must be a component in a system which connects to a distribution board at a person’s residence, which residence is mainly used for domestic purposes; and…
Join Now
