The Irish government has recently announced a major incentive for homeowners looking to install solar panels on their private dwellings. Effective May 1st, 2023, there will be a zero rate of VAT for the supply and installation of solar panels. This initiative is a part of the government’s efforts to promote the use of renewable energy and to meet its target of net-zero emissions by 2050.
Renewables Ireland, a leading solar panel installer, welcomes this move and encourages homeowners to take advantage of this innovative technology. The zero VAT rate will significantly reduce the cost of installing solar panels, making it more accessible and affordable for homeowners.
Benefits of Installing Solar Panels
There are several benefits of installing solar panels on private dwellings. Firstly, it provides a clean and renewable source of energy, reducing the reliance on fossil fuels and contributing to a greener environment. Secondly, it can significantly reduce electricity bills as the energy generated from solar panels can be used to power homes, leading to long-term cost savings. Thirdly, solar panels increase the value of properties and improve their energy efficiency rating, making them more attractive to potential buyers.
How to Avail of the Zero VAT Rate
To avail of the zero VAT rate, homeowners need to ensure that the supplier and installer of their solar panels are VAT registered and that the installation is carried out on or after May 1st, 2023. Homeowners should also ensure that they receive a VAT invoice showing a zero rate of VAT.
The government’s decision to introduce a zero rate of VAT for the supply and installation of solar panels for private dwellings is a significant step towards promoting the use of renewable energy and reducing carbon emissions. It is a positive move towards achieving a cleaner and greener future. Homeowners are encouraged to take advantage of this incentive and invest in solar panels to reap the benefits of long-term cost savings and increased property value while contributing to a sustainable future.
Please feel free to read the full government solar panel VAT announcement here.
Talk to Renewables Ireland about your home solar panel requirements today!