Tax,Financial Incentives,Renewable Energy 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 irish government continues to encourage business in Ireland to switch to renewable energy, and consequently has introduced a number of various financial tax allowances and benefit schemes, s to help your company install a renewable energy system and save on your heating and or electricity bill. –
Financing loans and tax incentives for energy efficient equipment
Installing a renewable energy heating system such as solar thermal panels for hot water heating, or solar pv panels for electricity could allow your business to educe energy consumption, reduce heating bills, and save money .Businesses can install much larger systems. For example A 5,000 m2 factory has enough South facing roof space for a 250 – 350kw scheme, consuming the power during the working week and exporting to the grid at weekend. This will generate electricity cost savings of approximately €25,000 per year. The initial cost of upgrading to a renewable energy system can be meet through a renewable energy financing loan, and the savings you make on your heating system are used to pay of the loan. This ensures a quick payback period and allows for long term financial savings for your company.
Accelerated Capital Allowances (ACAs) 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.