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Tax incentives encourage clean energy for business

If you’ve been thinking about outfitting your commercial property with rooftop solar panels, now is a good time.

The federal government announced tax incentives in its fall economic statement for businesses wanting to adopt clean energy solutions.

Bluewater Power CEO Janice McMichael-Dennis said renewable energy systems must have been commissioned after November 20, 2018.

“For green energy equipment, there is now basically a 100% tax write-off,” said McMichael-Dennis “You can take that full cost of your green energy and equipment and you can actually write it off as an investment, you can write it off for income tax purposes, in year one.”

Eligible renewable energy and energy conservation assets include solar energy, battery storage and electric vehicle infrastructure.

The program will be phased out gradually from 2024 to 2027.