VAT reduction for home owners on Solar and Heat Pumps
The chancellor has increased his support for decarbonising the UK, by reducing the VAT from 5% to 0% on all Solar PV and Heat Pump installations. This reduced rate applies to installations after that have been carried out after the 1st April which are supplying residential accommodation. The reduction does not apply to businesses. With energy prices increasing along with the VAT reduction the financial case for installing these energy saving products has never been so good.
With electricity costing up to 40p/kWh many of our customers are choosing to install Solar PV panels and reduce their bills and reliance on utility companies. A typical Solar installation can generate over 4,000kWh of electricity per annum and the panels generally have 20-year performance guarantees. Due to the rising energy costs, we’re also seeing a real increase in the demand for battery storage systems which maximises the benefits to the home owner of being able to store the electricity they are generating.
If you would like to find out more contact your nearest EnergyMyWay office.