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Author: 8761, 26 June 2023,
Branch Article

Get Solar Tax Savvy

 A tax incentive was announced this year to encourage households to invest in clean energy that can supplement electricity supply - which we know - comes and goes in stages. All lame jokes aside, if you still haven't made use of this incentive, think again.

The incentive is only available for one year and anyone who pays personal income tax can claim the rebate against their tax liability. To make the decision easier for you before the rebate date has expired, here are ten facts at your fingertips.

BURNING QUESTIONS

WHAT ABOUT PEOPLE WHO RENT THEIR HOMES?

Installations by landlords or renters would be eligible, but only the party that pays for the solar panels can claim the rebate.

WHAT ABOUT SECTIONAL TITLES / BODY CORPORATES?

If occupants are enabled to install their own panels, then the tax incentive applies as for all other individuals. A body corporate will not be able to claim this incentive

WILL I NEED TO PAY SARS BACK IF I SELL MY HOME AFTER INSTALLING SOLAR PV PANELS?

No, there will be no recoupment if you sell your house after having benefitted from this incentive as the solar panels will likely remain fixed to the house and used by the following owner. There will, however, be a claw-back of the rebate if you sell the panels themselves within one year after they were first brought into use to counter potential abuse.

Source: National Treasury.