Section 12L of the Income Tax Act is aimed at directly incentivising investments in local energy efficiency projects and provides a deduction for actual savings resulting from a reduction in energy use. Section 12U of the Income Tax Act provides for capital allowances for roads and fencing used in the generation of electricity. Section 12B of the Income Tax Act provides for capital expenditure deductions for assets used in the production of renewable energy and particularly incentivises the development of smaller solar PV energy projects with an accelerated capital allowance of 100% in the first year for solar PV energy of less than 1MW. The good news is that there are tax incentives to assist in achieving these national priorities. reduce consumption through greater energy efficiency.seize the opportunities that have been created and invest in generation projects.In particular, the President called on businesses to: This certainly provides reasons for companies to re-assess the long-term viability of alternative energy sources, particularly photovoltaic (PV) solar energy projects, which are incentivised because of their low impact on the environment and our scarce water resources.
This means that those who can and have installed solar panels in their homes or businesses will be able to sell surplus power they don’t need to Eskom.” “To incentivise greater uptake of rooftop solar, Eskom will develop rules and a pricing structure – known as a feed-in tariff – for all commercial and residential installations on its network.
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There is significant potential for households and businesses to install rooftop solar and connect this power to the grid,” the President explained. “South Africa has great abundance of sun which we should use to generate electricity. Of particular interest to businesses and individuals are the measures designed to enable businesses and households to invest in rooftop solar. Recently President Cyril Ramaphosa, in his address to the nation on the energy crisis, announced measures to tackle it, including scrapping the licensing threshold of 100MW, Eskom buying more electricity from existing independent power producers, importing power from Botswana and Zambia, and doubling the amount of renewable generation capacity procured through Bid Window 6. South Africa’s energy crisis has been described as the biggest risk to the country’s economy. Just a month ago, Eskom proposed a further tariff increase of 32.7% to the National Energy Regulator of South Africa (Nersa) and is also contesting, in court, the tariff increase of 9.6% for 2022/23 Nersa allowed, which was far below the 20.5% requested. In addition, since then Eskom’s electricity prices continued to skyrocket – increasing by more than 400%. “This is a call for all South Africans to be part of the solution to contribute in whatever way they can to ending energy scarcity in South Africa.” President Cyril Ramaphosaįor more than a decade, local businesses have faced the huge challenge of an unreliable power supply from a state-owned monopoly that allowed very little in terms of affordable or practical alternatives.
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