Renewable energy advocates were disappointed by the Federal Government’s 2020 Budget that missed the opportunity to support a green covid recovery. PV Magazine Australia reported though an opportunity for commercial solar exists in the budget through instant asset write-offs.
James Larratt, CEO of Solpod, says that, “the budget has provided some confidence and momentum to businesses to adopt solar. The instant write-off together with ability for cash refunds on past tax payments is supporting businesses that would have adopted solar in the coming years to commit now.”
The Clean Energy Council (CEC) expressed disappointment in the budget overall in the ‘missed opportunity for a clean recovery.’ Blake Matich in PV Magazine Australia writes: “The CEC did make sure to clap the Morrison Government on the back for such provisions as funding for women in the STEM fields and new initiatives such as the instant asset write-off which is a rather standard response to economic crisis but it will still encourage commercial-scale solar.”
The Financial Review wrote: “When time-limited, the idea behind capital asset write-offs is that they encourage businesses to bring forward capital expenditure, which can have a strong stimulatory effect on the economy.”
The Guardian wrote of the budget: “Businesses will be able to write off the full value of any assets they purchase and claw back tax already paid against losses to June 2022 in what the Treasurer, Josh Frydenberg, has called the ‘largest set of investment incentives’ ever offered.”
“Small and medium businesses will also be able to apply ‘full expensing’ to second-hand assets; businesses earning $50m to $500m will be able to do so for assets of less than $150,000.”
Eloise Keating in Smart Company explained that there is an extension to the instant asset scheme: “The government has also added another six months to the instant asset write-off scheme to allow businesses that already hold eligible assets to first use or install those assets. The extension for these businesses will end on June 30, 2021.”
Installing rooftop solar on your commercial or industrial rooftop is a great way of using the immediate Asset Write-Off.
Solpod offers various solar products that could meet the needs of your business. Our popular 4kW solar pods are designed for commercial and industrial rooftops.
A 40kW Solpod system is efficiently installed in half a day, and a larger 100kW system within only one day. The solar pods are re-deployable, meaning Solpod can offer businesses flexible financing and short-term solar commitments of less than 5 years.
Solpods are secured to roofs using a non-penetrating roof mounting solution. This means that roof warranties remain intact. Solpods can be purchased or rented.
“Many food and beverage businesses have experienced growth during this year and are looking to capitalise on their strong position by securing cheaper, cleaner, solar power. Our customers value the ability to redeploy from one site to another, and we are the only manufacturers of rooftop solar mounting solutions in Australia,” says Larratt.
Solpod’s solar pods and mounting solution are fully Australian Made and Manufactured, helping to grow Australian jobs and support innovation. The below image offers a glimpse into our factory in Dandenong, Melbourne.
To find out more about Solpod’s solar solution and Rental, contact info@solpod.com.au or call +03 9089 0753.