Solar panel online apply 2024 South Africa

How does South Africa encourage people to invest in solar energy?

Therefore, the South African government is adamant about adopting solar energy and encourages citizens to go for it. One way the government motivates people to invest in solar PV is through SARS solar rebate. Individuals and businesses will be able to receive a tax rebate from SARS on any new and unused solar PV panels.

When will the solar tax incentive be available for 2023 / 2024?

For now, the incentive will only be available for the 2023 / 2024 year of assessment (the year ended 29 February 2024). How will it work? Individual taxpayers will be able to deduct 25% of the cost of new, unused solar panels up to a limit of R15,000 per person, from their income tax liability.

When does the solar PV tax credit apply?

The tax credit will only apply to new and unused solar PV panels acquired and brought into use for the first time during the 2024 year of assessment (i.e. 1 March 2023 – 29 February 2024) and that have a minimum generation capacity of not less than 275W each.

When does the solar PV rebate apply?

The rebate applies to qualifying solar PV panels brought into use for the first time in the period from 1 March 2023 to 29 February 2024. Individuals can claim the rebate if they have a VAT invoice indicating the cost of the solar PV panels separately from other items, along with proof of payment.

Can solar panels be unused if purchased before 1 March 2023?

Solar PV panels acquired before 1 March 2023 can qualify on the condition that they were new and unused upon acquisition. However, in the event that the panels had, for example, been acquired long before but had not been installed, it would be unused but not new.

Do solar panels qualify for tax credit 2023?

22 Explanatory Memorandum on the Taxation Laws Amendment Bill, 2023. In order for a natural person to qualify for the tax credit, the residence on which the solar PV panels are installed and mounted on or affixed to, must be used more than 50% for domestic purposes during the year of assessment.