Grants and Schemes for Solar PV
The Government currently has two available schemes, which were extended in the March 2023 budget.
AIA (Annual Investment Allowance)
Discover the AIA, a valuable opportunity for businesses to claim 100% capital allowances on qualifying expenditures for plant and machinery. And guess what? Commercial Solar PV is one of the qualifying technologies.
Here’s how it works. Usually, businesses would be eligible for writing down allowances (WDAs) for certain capital expenditures. But with the AIA, you can accelerate relief and simplify the process, boosting your business’s cashflow. Plus, you’ll receive relief in the same tax period as the expenditure.
And the best part? You can claim up to up to £1,000,000 under the AIA. Don’t miss this incredible opportunity to enhance your business and save money. Start benefiting from the AIA today.
First Year Allowance
The 50% Special Rate First Year Allowance is a unique opportunity for your business. This allowance lets you claim against the cost of specific plant and machinery purchased for your business starting from 31st March 2023. And it includes Solar PV.
The Solar PV must be brand new and unused to benefit from this allowance. Just remember, only companies can make use of these allowances. But here’s the exciting part. With the 50% special rate first-year allowance, you can deduct 50% of the cost from your profits before tax. Now, that’s a deal you don’t want to miss out on.
*There are several Grants available from local councils and authorities, so it’s always worthwhile checking with your local council.
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