How Your Business Can Take Advantage of Government Stimulus Packages by Investing in Commercial Solar Now
If you’re a business owner with an annual turnover of less than $500 million there’s some great news from the Australian Government.
Because we are now officially in a recession the Australian Government is offering several time limited incentives to support business investment and economic growth.
These one-off measures are designed to support you with investments you have already planned, as well as encouraging you to bring investment forward to support economic growth over the near term.
Instant Asset Write-off
The Federal Government has extended the deadline for its Instant Asset Write-off Scheme for another 12 months, allowing your company to claim the full value of all new eligible depreciable assets of any value that are first used or installed before June 30, 2023.
If you’re an Australian businesses with up to $5 billion in annual turnover this extension to the Instant Asset Write-off Scheme applies to:
- all new and used assets with a value of up to $150,000
- all assets that are used and or installed and ready to use before June 30, 2023
Your business will also be able to claim full deductions for the cost of improvements made to existing depreciable assets, so you can also claim full deductions on the cost of upgrading or extending your commercial solar system or maybe even investing in a solar battery.
Small Scale Technology Certificates and Large Scale Generation Certificates
Depending on the size of the commercial solar power system you invest in you may also be entitled to claim either Small Scale Technology Certificates (SCTs) or Large Scale Generation Certificates (LGCs).
The Federal government issues these certificates as a financial incentive for businesses to install eligible small-scale renewable energy systems such as solar panel systems.
These certificates can then be sold to recoup a portion of your cost of purchasing and installing the commercial solar system, effectively lowering the cost of your solar power even further.
Take advantage of these government stimulus packages before they end
At Progress Electrical we have many years experience and knowledge in delivering high efficiency solar systems for all types of commercial applications, helping local businesses just like yours to drive down their energy costs and achieve the very best return on their investment.
Let our industry experience help guide you to the best solar system for your commercial property.
Contact us today to discuss your needs and discover how your business can best take advantage of these time-limited stimulus packages.