National Treasury
By Mpho Moloi
The National Treasury has called on all interested parties to participate in an online survey on the introduction of two renewable energy tax incentives.
In the 2023 Budget Review, National Treasury announced the introduction of the solar energy tax credit (section 6C of the Income Tax Act) for individuals that installed rooftop solar panels between 1 March 2023 and 29 February 2024 and the enhanced deduction for renewable energy (section 12BA of the Income Tax Act) for businesses with assets brought into use between 1 March 2023 and 28 February 2025.
The solar energy tax credit was intended to encourage investing in clean energy generation to supplement energy supply and the enhanced renewable energy incentive is aimed at encouraging private investment in renewable energy to alleviate the energy crisis.
The solar energy tax credit and enhanced deduction for renewable energy have sunset clauses of 1 March 2024 and 28 February 2025, respectively. National Treasury would like to call on all interested parties to participate in an online survey on these two incentives.
The objective of the survey is to collect data which will assist in evaluating the overall effectiveness of the renewable energy incentives in achieving their objectives.
The data sourced from the survey will also be used to inform future tax policies. The survey aims to provide all beneficiaries of the incentives and all interested parties an opportunity to share their experiences regarding these measures.
The survey response deadline is 31 January 2025.
To access the survey, click on this link for the renewable energy tax incentive review survey: https://forms.office.com/pages/responsepage.aspx?id=jzRFGrQCmk-nqHeG9t0yRfDfb_QYL6JOmhO01YiWivlUN0M1VE4zR1czVUVJWVVQU0VESlhUQUxPTi4u&route=shorturl
For technical inquiries email TaxIncentiveReviews@treasury.gov.za for assistance.
The National Treasury’s initiative reflects a broader global trend of governments seeking public input to shape effective renewable energy policies. For instance, the UK’s Department for Energy Security & Net Zero conducts annual Public Attitudes Trackers to gauge public opinion on renewable energy developments, ensuring that policies align with public sentiment and effectively promote clean energy adoption.
Similarly, in the United States, the Inflation Reduction Act of 2022 introduced significant tax incentives for clean energy projects. The U.S. Treasury Department has been instrumental in implementing these measures, facilitating substantial investments in renewable energy and energy efficiency improvements across the country.
South Africa’s renewable energy sector has seen various policy instruments aimed at promoting clean energy adoption. The Renewable Energy Independent Power Producers Procurement Programme (REI4P), introduced in 2011, aims to install 17.8 GW of renewable energy by 2030, reducing greenhouse gas emissions and decreasing reliance on non-renewable energy sources.
The current tax incentives under review—the solar energy tax credit for individuals and the enhanced deduction for renewable energy for businesses—are part of South Africa’s efforts to encourage private investment in renewable energy. By participating in the National Treasury’s survey, stakeholders can provide valuable feedback that will inform the evaluation of these incentives and guide future tax policies to effectively promote renewable energy adoption.
The National Treasury’s call for public participation underscores the importance of stakeholder engagement in shaping policies that address the country’s energy challenges and support the transition to a sustainable energy future.
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