Super-deductions and SR Allowance ending!
Due to the ongoing energy crisis and rising prices, solar panels have become a good way to cut energy costs for both businesses and households. The only issue with using solar panels is the one-time cost of buying and installation. With the current economic downfall and inflation continuing to rise, there is no better time to adopt solar PV than at the present.
Time is running out to take advantage of super deduction capital and special rate (SR) first year allowances. The UK solar panel grant is set to end on March 31st, 2023. After this date, businesses will no longer benefit from these incentives. It is therefore important for companies to start planning ahead now if they want to make the most out of the available tax reliefs before they disappear.
Here is what you need to know:
The UK Solar Panel Grant (Super-Deductions and the SR Allowance)
Super-deductions and the SR allowance are two tax incentives available to businesses that invest in solar energy systems in England, Scotland, and Wales. Under the super-deduction system, companies can claim back 130% of their expenditure on qualifying assets over a two-year period. Furthermore, businesses can benefit from the SR allowance, which allows them to deduct solar installation costs from their corporation tax. Together, these incentives make it more attractive for businesses to switch to solar energy.
Pros of Installing Solar Panels
Why adopt solar PV?
Cost-effective. A short-term expense for long-term savings
Provides reliable electricity supply during power outages
Energy is clean and renewable
Sustainable source of energy
Reduce your carbon footprint
Efficient installation with Kembla
Why should SMEs and households still consider installing solar panels regardless of the UK solar panel grants coming to an end?
The biggest motivator for adopting solar is long-term savings. Consumers who have adopted solar PV have received an instant return on investment. Yes, purchasing and installing solar panels can be costly, but they are well worth the investment. We hope that the positive effect of adopting solar PV on the environment will encourage making the change today.
Interested in solar?
If you're considering solar PV and would like to benefit from making the change, then contact us for more information. We can answer all of your important concerns, talk you through the costs involved and come up with a solution that suits your needs and budget.
