Energy efficiency incentives extended for three years
May 2019
News
South African businesses may be encouraged to be more energy efficient and reduce their electricity bills by Treasury’s recent announcement that the energy efficiency savings tax incentive (Section 12L) will be extended for three more years. The announcement made by Minister of Finance, Tito Mboweni comes at a time when there is an urgent need to reduce energy consumption nationally.
The SA National Energy Development Institute (SANEDI), which plays the role of implementing and overseeing the application process of the incentive, has welcomed the extension. Manager for energy efficiency Barry Bredenkamp says, “It gives businesses a larger window of opportunity to continue the drive towards energy saving. The incentive gives customers the triple benefit of reducing their bills, improving their carbon footprint, and helping to meet the country’s energy requirements, while at the same time being given a tax rebate.”
The savings allow for a tax deduction of 95c per kWh saved on energy consumption. Bredenkamp says that in some instances customers have saved up to 30% on their energy bill, and then also get a rebate from their tax return to further sweeten the deal. The 12L tax incentive’s objective is two-fold: to encourage energy saving in a constrained capacity environment and to assist in meeting the country’s commitment to reduce carbon emissions over the next years.
National Treasury also announced that they will be reviewing the design and administration of the energy efficiency savings tax incentive this year, to make it even easier for smaller businesses to gain access.
For more information contact SANEDI, +27 11 038 4300, [email protected], www.sacccs.org.za
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