Grapevine

You've installed solar panels - what to know about the tax break you may get

If you haven’t yet installed home solar, it’s too late.

But there’s still a chance to claim some sizeable benefits for business tax installations.

For more financial news, go to the News24 Business front page.

In 2023, Finance Minister Enoch Godongwana introduced a tax rebate for individuals and businesses who install solar panels. The move was designed to incentivise home and business solar installations and reduce the pressure on the national grid.

"One of the primary advantages of the solar rebate is its ability to lower taxable income. Individuals or businesses who have invested in qualifying solar energy projects can deduct a portion of their capital expenditure from their taxable income, leading to a reduction in the overall tax liability," says Michael Rushby, a director at accounting firm Galbraith Rushby,