Time running out to get home solar tax incentive
Households hoping to take advantage of National Treasury’s home solar tax incentive will need to act quickly if they want to get a rebate on the cost of their solar panels.
Announced by Finance Minister Enoch Godongwana during his 2023 Budget Speech, the incentive allows individuals to claim a rebate of 25% on the cost of new solar panels up to a maximum of R15 000.
Despite calls from Electricity Minister Kgosientsho Ramokgopa late last year for the incentive to be expanded to include batteries and inverters and for the term to be extended, National Treasury has held firm saying the current terms and conditions of the incentive will stand.
This means that those who are still considering getting a home solar installation, will need to ensure that the system is installed and a Certificate of Compliance is issued by a master electrician by the cutoff date of 29 February.
Marc du Plessis, executive head of LookSee explains: “National Treasury has been quite clear that only solar panels that are ‘brought into use for the first time’ from 1 March 2023 to 29 February 2024 will qualify. Individuals will need to submit a copy of their Certificate of Compliance to SARS as evidence that the solar panels came into operation within this designated period.”
With the deadline looming, du Plessis says LookSee is geared up to assist households realise their solar dreams in time to get a rebate from the tax man. This includes an online personalised quote system that helps families identifies the best system size for their needs and pocket in minutes.
Once the household is happy with their choice of solar system, LookSee’s Customer Care Team steps in to assist with setting up a site visit and free consultation with a qualified and experienced installer that has been vetted by Standard Bank for product quality and service standards.
The Customer Care Team also assists households with applications for finance, scheduling installation, organising final documentation and answering any questions clients may have.
“We estimate that a household could complete the journey – from online quote to certified installation – in the space of 2 weeks if they’re ready to act quickly at each step in the journey. If finance is required, we would recommend that families plan for 2 and a half to 3 weeks,” says du Plessis.
What you need to qualify for a solar panel rebate
- New and unused solar panels with a minimum generation capacity of 275 watts.
- Solar panels must be installed at a residence and form part of a system that is connected to the home’s DB board.
- Submit a VAT invoice that details the cost of the solar panels separate to the other elements of the system.
- Proof of payments to the solar installer.
- Certificate of Compliance from a master electrician detailing when the system was brought into use.
For more information, read: Home solar rebate: What you need to know.
LookSee offers a full solar journey coupled with a Savings Guarantee based on your minimum saving expectations over 6 months and a once-off R2 000 cashback if savings are not met.
