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In recent news, the Irish Government has announced that there will be a zero rate of VAT for the supply and installation of solar panels for private dwellings, effective from 1 May 2023.
This change is expected to have a significant impact on the solar
industry in Ireland, as it will reduce the cost of installation and
encourage the uptake of renewable energy.
According to Minister Ryan, cutting VAT on solar panels will trim about
€1,000 off costs and deliver a quicker pay-back on investment. He
further explained that scrapping VAT would mean solar panels could "pay
for themselves" in six years, but our Failte Solar's product has an
average of "pay for themselves” in 4 and half years after they could
produce "free electricity" for more than 25 years.
The new rules of zero rate of VAT mean that the supply and installation
of solar panels will not be subject to VAT, which currently stands at a
rate of 23% in Ireland. This is good news for homeowners who are
considering installing solar panels, as it will significantly reduce the
cost of the installation.
For installers, this means that you can now offer their services at a
more competitive price, which is likely to lead to an increase in demand
for solar panel installations. The new rules will also encourage more
businesses to enter the solar industry, which will create new job
opportunities and boost the Irish economy.
However, it's important to note that the zero rate of VAT only applies
to the supply and installation of solar panels for private dwellings.
Commercial installations will still be subject to VAT at the standard
rate of 23%.
Overall, the new rules of zero rate of VAT for the supply and
installation of solar panels in Ireland are a positive development for
the solar industry and the environment. By making solar panels more
accessible and affordable for homeowners, we can work towards a cleaner
and more sustainable future. If you're interested in installing solar
panels on your home, be sure to contact a reputable installer for a
quote as we only cooperate with installers and business owners.
If you have any questions or concerns, please don't hesitate to contact us. We're here to help!
Failte Solar is a one-stop shopping experience for all your solar products and a typical entrepreneur-driven company established by its founder, and Chief Executive Officer Mr Abhilash Borana. Our mission is to promote and establish Solar Energy as an affordable and cost effective ‘Plurality of Power’ in the coming years through Failte Solar.
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