Ministers Eamon Ryan and Simon Coveney have unveiled new measures to bolster Irish businesses through the Solar PV Scheme.
Grant Amounts
Irish businesses can access funding ranging from €2,700 to €162,600, aimed at encouraging a broader spectrum of businesses to transition to solar energy.
Reduced Payback Periods
With grants typically covering 20-30% of the investment cost, companies can achieve significantly shorter payback periods, potentially as brief as 5 years.
Boosting Business Investment in Renewable Energy
The updated Solar PV Scheme enhancements mark a concerted effort by the Government to stimulate investment in renewable energy generation among businesses.
Expansion of Non-Domestic Microgeneration Scheme
Government-approved amendments to the existing Non-Domestic Microgeneration Scheme, administered by the Sustainable Energy Authority of Ireland (SEAI), will extend support to a wider array of businesses and non-domestic entities. This extension includes tiered grant supports for solar PV installations ranging from over 6 kWp up to 1,000 kWp (1 MW) capacity.
Diverse Installation Sizes
The newly expanded range of installation sizes caters to various businesses, from small local shops to large manufacturing facilities, as well as public buildings, sports clubs, and community organizations.
Funding Source
Funds for the amended scheme will be allocated from the Temporary Business Energy Support Scheme (TBESS), with implementation set to run until the end of 2023. Subsequently, the scheme will undergo assessment and follow the standard budgetary process for 2024/2025.
Collaboration and Policy Intervention
Ministers and officials have collaborated closely on potential policy interventions to facilitate businesses in decarbonizing their energy use and reducing costs. The updated scheme aligns with the objectives of the TBESS, addressing the impact of high energy prices and offering a means to mitigate price volatility while supporting emission reduction efforts and the local electricity grid.
Availability
Businesses can access the amended scheme through SEAI starting from mid-July 2023.
The updated grants will be as follows:
Up to 6kWp will remain unchanged up to €2,400, with an additional:
€300/kWp for each extra kWp installed between 7kWp -20kWp
€200/kWp for each extra kWp installed between 21kWp- 200kWp
€150/kWp for each extra kWp installed between 201kWp-1000kWp
This would mean that installations up to 1MW could be eligible for a grant of up to €162,600.
Contact us today to find out if Solar PV is suitable for your Business!