VICTORIA, BC, April 4, 2023 /CNW/ – Charge Solar, one of Canada’s leading solar, battery storage, and EV charging distributors, welcomes the 2023 Federal Budget’s new investment tax credits for renewables. The company believes that these tax credits will significantly boost the solar and storage industry in Canada.
“Solar is already a financially viable investment in Canada; however, the introduction of investment tax credits was a necessary step to accelerate Canada’s clean energy transition towards a net-zero electricity grid in 2035 and net-zero greenhouse gas emissions by 2050,” says Jeff MacAulay, Charge Solar CEO. “In addition, the tax credits will drive economic growth and job creation across the country.”
The Clean Technology Investment Tax Credit, initially announced during the Fall 2022 Economic Update, is a refundable 30% tax credit on the capital cost of investments made by taxable entities in wind, solar PV, and energy-storage technologies. This credit will be available for all project spending from March 28, 2023, to 2034 when it is scheduled to reduce below the initial 30% credit. The investment tax credit will encourage more businesses to invest in renewable energy, resulting in faster deployment of solar, wind, and storage projects across the country.
Introduced during the March 28th, 2023 Budget Announcement, the new Clean Electricity Investment Tax Credit is a refundable 15% tax credit on the capital costs of investments made by non-taxable entities, such as Indigenous communities, municipally owned utilities, and Crown corporations. This credit is available for investments in renewable energy, energy storage, and inter-provincial transmission and other non-emitting electricity infrastructure. This initiative will help create jobs and drive economic growth, while promoting the use of clean energy.
“As an industry builder, Charge Solar is committed to supporting the growth of the Canadian solar market and helping solar installers take full advantage of these incentives. We provide the necessary equipment, engineering, and marketing services to facilitate the development of solar and storage projects across Canada,” notes MacAulay.
Charge Solar is a leading solar and storage company committed to providing affordable sustainable energy solutions for all. They invest in the industry, engage in policy shaping, and work with regulatory bodies to develop long-term stability for the Canadian solar market.
SOURCE Charge Solar