Investment in renewables looking positive for 2023 with Government incentives in place to make solar power mainstream.
With 0% Vat and up to €2,400 in SEAI Grants, there has never been a better time to invest in renewable solar energy and offset rising energy costs. The government approved the rate of VAT for domestic solar installations to be cut from 13.5% VAT to 0.0% from May 1st, 2023. With an additional business grant in place, the new extended solar grants will suit a much wider range of commercial, institutional and public sector buildings and are recognised as a move for investors to see an uptake in opportunities surrounding renewables in 2023. Under the new ’Solar For Business’ initiative now available, a tiered system of grants will be introduced starting at €2,700.
Minister for the Environment, Climate and Communications Eamon Ryan said:
“This move by Government is yet another step on Ireland’s journey to cleaner, cheaper, renewable energy. We have removed planning permission requirements to install solar panels on residential homes. Our Micro-generation Support Scheme is continuing to prove very successful, following record levels of installations supported in 2022 via the Domestic Solar PV Scheme – operated by the Sustainable Energy Authority of Ireland. With thousands of householders also signing up to sell their excess renewable electricity back to the grid; there is now an even greater opportunity for citizens to be part of the energy transition and become active energy consumers, whilst also supporting the electricity grid and strengthening Ireland’s energy security.
“While this move will help consumers, it will also help the environment. Currently over 50,000 homes have solar panels, with 17,000 solar installations connecting to the grid taking place just last year. This is expected to increase further as prices come down and solar becomes more mainstream.”
In November 2021, Ireland’s Climate Action Plan was finally published which sets out in detail how Ireland is going to take action to achieve firstly, a 51% reduction in greenhouse gas emissions by 2030 and secondly, net-zero emissions by 2050. The goal is for Ireland to become a cleaner and greener society and the action plan puts Ireland on the map as one of the most ambitious countries in the world in the fight against climate change.
Green investments in Europe are becoming increasingly popular as people and businesses become more conscious of their impact on the environment. Europe is at the forefront of the global effort to combat climate change, and governments across the continent are implementing policies and regulations to encourage investment in green technologies and renewable energy. Green Crowd have seen considerable investment in the last few years with investors making use of the EIIS Tax Relief investment scheme. With Green Crowd’s portfolio of green investment options investors have contributed towards a greener Ireland and Europe at large.
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