Here at Harvest Solar we are passionate about building the foundations of a greener, cleaner and more sustainable future for Ireland.
Your Business may be able to take advantage of the Accelerated Capital Allowances (ACA). The ACA is a tax incentive for companies paying corporation tax and aims to encourage investment in energy efficient equipment. The ACA offers an attractive incentive whereby it allows companies to write off 100% of the purchase value of qualifying energy efficient equipment against their profit in the year of purchase.
Claiming the ACA
- The ACA is claimed on the company’s return of income (form CT1). Since 2009 there is a seperate entry field for ACA alongside the standard capital allowances entry field.
- The ACA can be claimed for the accounting period in which the equipment was first provided and used for its trade, provided that the equipment is included on the published list at some stage during that accounting period.
- Apart from the acceleration of the allowances to 100% in year one, the ACA is subject to the same rules as are applied to the standard wear and tear allowances for plant and machinery.
- There is no requirement to obtain approval for expenditure on the energy-efficient equipment. The normal self-assessment tax provisions apply.
By not buying electricity from the grid, less fossil fuels have to be burnt, reducing carbon emissions across Ireland, contributing to a cleaner environment, which is good news for you and future generations. Harvest Solar has brought together a unique blend of experience and expertise gathered in the German and UK Solar markets over the last 10 years enabling us to expertly manage the whole process, from design to installation, and ongoing monitoring and maintenance of the completed Solar Power Plant (SPP).
Overall renewables target – 16% of final energy consumption in Ireland is to come from renewable energy by 2020. This target will be made up of contributions from renewable energy in electricity, transport and heating. As of Q1 2017, approximately only 8% of final energy consumption in Ireland comes from renewables.