Gone are the days of skyrocketing electricity bills! If you’re a South African homeowner who made the switch to solar power between March 1, 2023, and February 29, 2024, you might be eligible for a sweet tax perk from SARS – the solar tax rebate.
Here’s what you need to know:
- What is it? The solar tax rebate is a one-time incentive that allows you to claim back a portion of the cost you incurred installing new solar photovoltaic (PV) panels.
- How much can I claim? You can claim 25% of the cost of your new PV panels, up to a maximum of R15,000.
- Is it for everyone? Only individual taxpayers who pay personal income tax and installed new, unused solar panels qualify. Sorry, businesses, this one’s not for you.
Keep in mind:
- The rebate applies to the 2023/2024 tax year only.
- Only the cost of the PV panels themselves qualifies. Installation costs, batteries, inverters, and other extras don’t count.
- Each panel must have a minimum generation capacity of 275 watts (W).
Thinking about claiming the rebate?
SARS has made the process easy. When you file your tax return for the 2023/2024 tax year, you’ll be able to claim the rebate through their online filing system, eFiling. For detailed instructions and more information, check out the SARS website https://www.sars.gov.za/types-of-tax/personal-income-tax/filingseason/solar-tax-rebate/.
Going solar has never been more rewarding! Not only will you be helping the environment by reducing your reliance on the grid, but you can also save money on your electricity bill and claim a tax rebate. So, what are you waiting for?
Shine bright and save with the SARS solar tax rebate!
