Solar industry members says write offs make certain renewable power systems more attractive to businesses (File photo/paNOW Staff)

By Michael Joel-Hansen

Solar energy

Tax incentives making renewable energy more attractive for some

Mar 18, 2019 | 5:01 PM

Tomorrow the Government of Canada is set to announce the new budget for the federal government.

While what is in that document will have a major impact on many people, a Saskatchewan man involved in the solar power industry in Saskatchewan wants to remind people about a tax write off which was put on the books during the fiscal update last fall and has gone relatively unnoticed.

The changes allow for businesses to write off 100 per cent of the costs of certain kinds of renewable energy equipment which were purchased after Nov. 20, 2018 and will be going into service before 2028. The write offs will also be redeemable in one year as opposed to being stretched out over a longer period of time.

Devon Ambros, who is in sales with SolarCor Energy and is based out of Saskatoon, explained the changes could make solar energy systems attractive to certain people.

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“In terms of the conversations that I’ve had recently, we’ve had several farm based businesses looking at solar power projects and this information has been useful to them,” he said.

Ambros said he has been in touch with people in the northeast who are especially interested given these tax tools.

He added being able to save some money, come tax time, can be helpful for businesses looking to install a system as it could help shorten the number of years it needs to be financed.

“So instead of having a pay back of maybe nine to 10 years, well maybe you’re shaving a couple years off your pay back and the system pays for itself in year seven or eight,” he said.

With this current tax policy from the federal government along with the Government of Saskatchewan and SaskPower announcing the extension of the provinces net metering program, which includes a system rebate, Ambros believes it is a good time to look at a system.

“I think there’s some real advantage to looking at these projects right now,” he said.

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MichaelJoel.Hansen@jpbg.ca

On Twitter: @mjhskcdn