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Tax and Financial Incentives in Northern Ireland

Tax and Financial Incentives in Northern Ireland

Installing a Renewable energy system in your business can help you reduce your water heating, space heating and electricity bills, and with current energy costs constantly rising, now is the time to move to a renewable source of generating energy.  The government in Northern Ireland continues to encourage business across Northern Ireland to switch to renewable energy, and consequently has a number of various financial benefit schemes, interest free loans and payments to help your company install a renewable energy system and save on your heating and or electricity bill.

Renewable Heat Incentive in Northern Ireland

The Northern Ireland Renewable Heat Incentive (RHI) is a scheme run by the Department of Enterprise, Trade and Investment (DETI) that provides financial support to non-domestic renewable heat generators (i.e a  large-scale industrial heating right down to small community heating projects). This includes small businesses, hospitals, schools and so on, as well as district heating schemes (for example where one boiler serves multiple homes). This includes the installation of Biomass (wood fuelled) boilers, Biomass pellet stoves with integrated boilers providing space heating, Ground to water heat pumps,Air to water heat pumps,Solar thermal panels (flat plate or evacuated tube only) providing hot water .

Enhanced Capital Allowance Scheme

Enhanced Capital Allowances (ECAs) enable a business to claim 100% first-year capital allowances on their spending on qualifying plant and machinery. Businesses can write off the whole of the capital cost of their investment in these technologies against their taxable profits of the period during which they make the investment. This can deliver a helpful cash flow boost and a shortened payback period.

Carbon Trust  Loans

Business can access a financing scheme run by the Carbon Trust in association with Siemens Financial Services to fund renewable energy systems such as biomass boilers.  It offers financing in the forms of leases, loans and hire purchase, designed to be offset by energy cost savings.