Until June 22, Agribusinesses can save 70% off the MSRP of Installing Solar by pairing Federal Incentives, which becomes a Catalyst for Solar Installation in the Lower Mainland, British Columbia.
The Agricultural Clean Technology Program (ACTP) provides a non-repayable contribution from Agriculture and Agri-Food Canada, in the range of requests between $25,000 up to $2 million per project. The ACTP program provides a maximum of 40% of the total project cost for successful applicants. A brief program window has opened, which provides a significant initiative to promote sustainable agricultural practices and mitigate environmental challenges. The application deadline for entry into this program closes on June 22.
The ACTP program aims to create an enabling environment for the adoption of clean energy, as a means of achieving a low-carbon economy and promoting sustainable growth in Canada’s agriculture and agri-food sector. Installing or upgrading existing solar on agribusinesses, acts to reduce the facilities overall greenhouse gas emissions to contribute toward a net-zero industry.
The Clean Technology Investment Tax Credit (CTITC) for solar in Canada is a government initiative designed to encourage investment in clean energy technologies, specifically focusing on solar power generation. The tax credit program provides a 30% refundable tax credit to businesses that invest in solar energy projects, thereby promoting the adoption of renewable energy sources and reducing greenhouse gas emissions.
The CTITC aims to stimulate private investment in solar energy projects by reducing the financial burden and improving the return on investment. By offering this tax credit, the Canadian government encourages the growth of the clean technology sector, increases renewable energy capacity, and contributes to the transition to a low-carbon economy.
Pairing the ACTP and CTITC, provides Agribusinesses with the lucrative opportunity to save 70% off the cost of installing a commercial solar system. A 40% contribution through the ACTP and a 30% refundable tax credit on the total installation cost. Commercial solar in the Lower Mainland has an approximate payback period of 10-years before applying incentives. Pairing the new incentives accelerates the return on investment significantly and makes solar approximately a 3 year return.
* It is important to note that the specifics of the Clean Technology Investment Tax Credit and Agricultural Clean Technology Program, such as the eligibility criteria, tax credit percentage, and maximum claimable expenses, may vary depending on the province or territory. Businesses interested in utilizing these incentives