Great news for businesses looking into commercial solar panels and investing in renewable energy technologies.
Today, on March 15th 2023, Jeremy Hunt has announced a series of tax breaks for businesses in his latest budget statement. Including the Super Tax First Year Allowance (FYA) being extended to 31st March 2026.
The extension of the Super Tax FYA is particularly significant for businesses that want to invest in renewable energy technologies, such as commercial solar panels.
By claiming a 50% tax relief on the cost of qualifying assets in the first year of purchase, businesses can offset the cost of solar panel installation against their taxable profits. This will reduce their tax liability and make installing commercial solar panels a much more financially attractive option.
So why is the Super Tax FYA for commercial solar a smart move for your UK business?
- Tax Liability Benefit – The Super Tax FYA provides a significant financial incentive for your business to invest in renewable energy technologies, such as commercial solar panels. By claiming 50% tax relief on the cost of solar panel installation,you can reduce your tax bill, freeing up cash flow to invest in other areas of your business.
- Save Money With Lower Energy Costs – With commercial solar panels, your business can generate its own electricity, which reduces your dependence on the grid. This can lead to some significant cost savings on your monthly energy bills. Plus, you can sell any excess solar energy back to the grid. When you consider the average cost per KWh of electricity is 35p, it’s easy to see how much money you can save by generating free electricity from solar panels.
- Reduced Carbon Footprint – By investing in renewable energy, you can significantly reduce your carbon footprint. This is an important consideration, especially if you want to demonstrate your commitment to sustainability and environmental responsibility and help in the fight against global warming.
- Improved Brand Image – Investing in renewable energy technologies, such as commercial solar panels and battery storage can enhance your business’s brand image. You can demonstrate your commitment to sustainability and environmental responsibility. This can improve customer loyalty, attract environmentally conscious customers and even increase revenue.
Contact Novus Energy today to discuss your business requirements and find out how we can help you save thousands on your energy bills.
We offer a full design and installation service for commercial solar systems across the UK. Our team brings over a decade of experience and work with reputable partners and innovators in the sector to deliver cutting edge systems while maximising return on investment.