Pinergy SolarElectric, one of Ireland’s fastest growing solar energy businesses, has today welcomed the planned abolition of VAT on solar energy installations, and announced that it will give its residential customers the benefit of the VAT reduction from today with a 13.5 per cent discount on the cost of installations.
This planned move by the Government should see the cost of installing solar panels reduced by as much as €1,000, based on the cost of an average installation falling from €9,000 to €8,000. It is expected that the VAT will be formally removed from domestic and public building installations in early July, as part of the Spring Finance Bill.
Commenting on these latest developments, Ronan Power, newly appointed CEO at Pinergy SolarElectric said: “We very much welcome the Government’s plans to abolish VAT on domestic solar installations, representing a major positive step in Government policy around meeting our climate action targets as part of the energy transition. This is a very positive move. From today, we are delighted to announce that our customers will be able to benefit from the reduction in VAT with a 13.5 per cent discount on installations. Our discount will offset the VAT costs for our customers until they are removed by the Government, later in the summer.”
He added: “We expect that the Government’s abolition of VAT for solar installations will go some way towards encouraging more homeowners to consider investing in solar energy this year and into the future. We urge homeowners to consider Solar Energy now to make sure they can maximise their generation of electricity in their homes in the key months of May and June when solar generation is at its peak. Solar Panels have a lifespan of over 25 years and we expect the payback to reduce to about 5 years with this latest cost reduction.
“Together with the Clean Export Guarantee payments from suppliers like Pinergy and generous SEAI grants, there has never been a better time to consider solar energy for your property.”
The new 13.5 per cent discount on domestic Solar Energy installations are subject to a successful site survey which is a free and no obligation service from Pinergy SolarElectric. Pinergy SolarElectric will continue to charge VAT on domestic installations until the effective date of the reduction of VAT with the 13.5 per cent discount on installations meaning homeowners will get the benefit of the VAT reduction from today.