In the UK, businesses can also use CAPEX to fund commercial solar PV systems. By using company funds to pay for the upfront cost of the system, businesses can depreciate the cost over time, reducing the overall cost of the system.
There are also several tax benefits available to businesses that install commercial solar PV systems in the UK. For example, businesses may be eligible for the Annual Investment Allowance (AIA), which provides a tax deduction of up to £1 million on the cost of qualifying assets, including solar PV systems. This can provide a significant tax break for businesses and reduce the overall cost of the system.
In addition, businesses may be eligible for the Enhanced Capital Allowance (ECA) scheme, which provides tax relief on the cost of energy-saving equipment, including solar PV systems. This can provide a further tax break for businesses and increase the return on investment.
Funding a commercial solar PV system through CAPEX in the UK can provide several benefits, including:
Reduced energy costs: Solar PV systems generate electricity that can be used onsite, reducing the amount of energy that needs to be purchased from the grid and lowering energy costs.
Increased energy independence: By generating their own electricity, businesses can become more independent from traditional energy sources and reduce their reliance on the grid.
Reduced carbon footprint: Solar PV systems produce clean, renewable energy, which can help businesses reduce their carbon footprint and meet sustainability goals.
At Clad-It, we can help businesses in the UK navigate the funding and tax benefits associated with commercial solar PV systems, and provide a range of services to design, install, and maintain their system. Contact us today to learn more about how we can help businesses harness the power of the sun and reduce their energy costs.
