National Budget Delivers Solar Tax Break for Small and Medium Businesses.

Following the budget announcement, Australian small and medium businesses (SMEs) can take advantage of additional tax benefits when they install solar energy. Under the scheme, SMEs will get an added tax break up to $20,000 for investments made in solar panels, batteries, heat pumps, and other energy efficiency technologies. The Small Business Energy Incentive announcement was made by Treasurer Dr Jim Chalmers.

“This incentive is all about helping small businesses save energy and save on their energy bills, support that comes on top of the direct energy bill relief for small businesses that will be a centrepiece of the budget,” he said.

“The Albanese government’s policies like the Small Business Energy Incentive are all about giving small businesses the leg-up they need to expand and grow.”

Fantastic news for small to medium businesses, this should see the average payback period of solar drop below 3 years, and intern significantly increase the benefits gained by businesses. With electricity prices forecast to increase by a further 30% before 2024, solar generation can provide businesses with much needed savings.

Want to know more about the solar incentives, rebates and tax breaks your business is eligible for? Contact us below.