Commercial, Industrial, Regulation, Sourcing Renewables - November 27, 2018
Canada offers tax write-off for C&I RE
Canada has announced a new policy that offers a full tax write-off to businesses adopting clean energy solutions. The tax break will be counted for the fiscal year in which the renewable energy system is commissioned.
A report by PV Magazine noted the policy includes solar energy, battery storage and electric vehicle charging infrastructure. “Canada is moving from planning to action on our national climate action and clean growth strategy,” said John Gorman, president and CEO, Canadian Solar Industries Association. “In the future, businesses who reduce their greenhouse gas emissions and manage their energy costs will be the most competitive. This new change to federal tax policy will support businesses to invest in technologies such as solar energy and energy storage.”
In February of this year, the government of Canada announced that it would work towards phasing out coal generation by 2030. The report said the government is also making investments to support the deployment of renewable energy, including Natural Resources Canada’s Emerging Renewable Power Program, which provides up to CA$200 million (US$151 million) to expand the portfolio of commercially viable RE sources available to provinces and territories. The program also works to reduce greenhouse gas emissions from their electricity sectors.