Solar Panels

With the rising costs of energy affecting both homeowners and businesses, many are looking to renewable forms of energy to reduce their costs. Harvesting solar power with solar panels is one alternative. Sites can range from the roof of your house to hundreds of acres of rural land.

Grants are available for homeowners to assist with the cost of solar panels. For example, the grant ECO4 is available from participating energy suppliers and, with 0% VAT on solar panel installations set until March 2027, it’s well worth investigating.

For businesses looking to invest, you can be eligible to claim Capital Allowances on the purchase of solar panels. With the Annual Investment Allowance (AIA) set to stay at £1m per accounting period for the foreseeable future, it’s appealing. Limited Companies can claim the 130% super deduction allowance up to March 31, 2023 on solar panels. Conditions will apply.

Whether one acre or hundreds, solar farms harvesting sunlight are becoming popular. The land used for panels can create an area for wildlife and nature to flourish with no local by-product and lower environmental impacts than other forms of renewable energy.

Landowners often lease the land to energy companies to provide a diverse and stable source of income for years to come. Rigorous planning is required and consideration into how this will affect taxes such as Inheritance Tax and Capital Gains Tax is a must. For more information, feel free to give us a call.