Solar rebates: a taxing question for homeowners
Enoch Godongwana used his recent budget speech to introduce a tax rebate for individuals going solar in an effort to reduce demand on Eskom’s ageing power generation fleet.First, let’s look at the details of the rebate.According to Phillip Joubert, manager of the Centre of Tax Excellence at South African Institute of Professional Accountants , the rebate is only for fixed rooftop solar PV panels, and not for batteries, inverters or installation costs.
However, Joubert says there are several factors to consider when determining the impact of the rebate on affordability. The time between installation and receiving the rebate may be more than a year, and the rebate will only be allocated up to the point that an individual has an amount of tax due — it will not result in a refund. It’s therefore not yet clear whether the rebate will be sufficient to convince homeowners who were not already seriously considering installing solar power to do so.
So, how does the solar tax rebate compare to other incentives or subsidies for renewable energy in South Africa and around the world? Joubert says the tax rebate is a first for individuals in South Africa and it is not yet known how effective it will be in promoting the adoption of solar power.
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