Canada’s Investment Tax Credit (ITC)
Canada’s Investment Tax Credit (ITC) was unveiled in the 2022 Fall Economic Statement by the federal government. Specifically designed to incentivize clean technologies such as solar photovoltaic (PV), battery storage, and hydrogen, this program aims to elevate Canada’s competitiveness on the global stage.
Commencing with the 2023 budget and extending until 2030, the ITC offers a refundable incentive of up to 30% of the capital investment cost. By doing so, it not only attracts investors but also levels the playing field with the United States, which recently introduced the Inflation Reduction Act (IRA). The focus of Canada’s Investment Tax Credit is to foster the transition to net-zero energy, covering a spectrum of eligible investments, including solar and wind power, storage solutions, and zero-emission technologies like electric vehicles and clean hydrogen.
For those contemplating the adoption of solar energy for their homes or businesses, there are enticing prospects. CMI Solar collaborates with individuals and commercial entities to comprehend their energy objectives, presenting them with tailored solar options. By reaching out to us, you initiate a process where we assess your needs, conduct a site evaluation, and set the wheels in motion for your solar project.
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Commercial Tax Incentives and Rebates
For businesses, the Accelerated Capital Cost Allowance and Canadian Renewable Conservation Expense offer tax incentives for renewable energy projects, providing a competitive edge in the clean energy sector.
Agricultural Clean Technology Program
Farmers can explore the Agricultural Clean Technology (ACT) Program, supporting the adoption of clean technologies, including solar PV systems, to reduce greenhouse gas emissions in the agriculture sector. To learn more click here.
Smart Renewables and Electrification Pathways Program (SREPs)
SREPs contribute to Canada’s transition to a clean, electrified economy by investing in renewable energy projects and grid modernization. To learn more click here.
Section 43.2 Tax Incentives
Under Class 43.2, specific clean energy generation equipment, including solar PV, benefits from an Accelerated Capital Cost Allowance, enhancing the financial viability of commercial solar projects. To learn more click here.
Take Advantage Now!
Canada’s Investment Tax Credit, coupled with the array of available incentives, positions solar energy as a compelling choice for individuals and businesses alike. As the nation charts its course towards a greener and more sustainable future, these programs serve as catalysts for positive change in the energy landscape. If you’re ready to take the next step and want to explore the best option for your needs, schedule a free appointment with one of our Solar Advisors. Our team will assess your property, roof size, and electricity consumption, helping you make the right decision for your home.