Environmental costs and sustainability are paramount, businesses around the world are seeking innovative ways to reduce their carbon footprint and contribute to a greener planet. One of the effective ways for achieving this goal is the adaptation of renewable energy sources. The budget 2024, recently released by the Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe, comes with promising news for businesses eager to make this transition.
Budget 2024: A Green Vision for Ireland
Budget 2024 is a pivotal step for Ireland in its journey towards becoming a more sustainable and environmentally friendly nation. The budget reflects the government’s commitment to addressing climate change and fostering economic growth through green innovation. One of the central pillars of this budget is the emphasis on the environment and climate.
Environment and Climate
A tax relief has been put in place for households who sell residual electricity from micro generation back to the national grid. From January 2024, an income disregard of up to €400 will be put in place for those homes who are selling their electricity, which is generated by solar panels, back to the national grid.
Businesses can also avail of certain Tax Incentives such as The Full Capital Allowance Tax Incentive (SEAI). Read about the different financial options available for your business.
The government recognises the importance of implementing solar systems, not only for domestic and corporations but also for schools. Therefore, from January 2024, the VAT rate for supply and installation of solar panels in schools is being reduced to zero. Giving these organisations the opportunity to invest in renewable energy.
Electric vehicles were also addressed. The VRT relief for battery electric vehicles (BEVs) with a value of up to €50,000 is extended to 2025. The current benefit in kind deduction for electric vehicles of €35,000 has been extended until the end of 2025.
Budget 2024 showcases new opportunities for businesses, through tax incentives. As the world accelerates its transition towards a more sustainable and environmentally responsible future, businesses are encouraged to take advantage of the incentives and other support that are available in a attempt to create a cleaner, greener and more prosperous Ireland.
Contact Enerpower today and discover what renewable energy solution would best fit your business’s energy needs.