The start-up costs of solar power are admittedly high. From purchasing the solar panels to their installation and management, there’s a lot of work to be put in. However, this is only at the start, as time progresses solar power will not only save you money but can also benefit you in other ways. Here’s how:
Whether you partially or exclusively use solar power, the money you spend on electrical bills will decrease. If you’re using less paid electricity you’ll spend less on electrical bills, it’s that simple.
Power plants always run the risk of releasing dangerous pollutants into the environment. This damages the environment and furthers climate change. Solar energy does not carry this risk. There is no chance of a solar panel releasing dangerous materials during normal operation, which keeps the environment safe. Your carbon footprint will immediately be reduced after the installation of solar panels. Solar power uses a renewable source of energy that doesn’t need combustion or water to produce power. This lessens our dependency on fossil fuels and non-renewable energy sources. Which in turn lowers the emission of greenhouse gases.
In January of 2016, a small amendment to Section 12B of the Income Tax Act (Act 58 of 1996) was made. It allows for depreciation in the year of commissioning of the full (100%) cost of a grid-tied solar Photovoltaic (PV) system of less than 1 Megawatt (MW) used for electricity generation by a business during its operations.
The capital depreciation allowances for solar PV systems greater than 1 MW were not changed and continues to allow full depreciation over three years. This permits the depreciation of 50% of the capital cost in the year of commissioning, 30% in the subsequent year, and 20% in the third year.
By moving parts of your business operations to solar power you can effectively save on the installation. So why not do it?
Making the switch to solar power can benefit your household, your business, and the world around you. It helps your household by saving you money. It can help your business by getting you money back. It helps the environment by lessening the amount of greenhouse gas you produce.
If you feel that your household or business could benefit from solar power, contact us today!