Saskatchewan now has the second highest power rates in Canada, and they keep climbing.
That’s why many businesses and farmers are cashing in on generous provincial and federal incentives to slash their power bills while at the same time lowering their tax bill with solar.
1. Lower your overhead by making your power bill microscopic
SaskPower offers a solar program called Net Metering that allows you to bank credits when you overproduce power (usually in the summer) so you can spend those credits later when you need them (usually in the winter).
That means you have microscopic power bills throughout the entire year resulting in noticeable cost savings.
2. Slash that tax bill with the new Bonus Accelerated Depreciation from the Canada Revenue Agency (CRA)
Yes, we typed that right – a lower tax bill! Click here for all the nitty gritty details on the Government of Canada website.
But in short, you can now write off the entire cost of a solar system in the current tax year instead of over 5 years.
That can be a significant deduction to your taxable income.
Here’s an example from CRA to further explain how this works:
“Warehouse Inc. is a distributor of refrigerated goods, with a large warehouse that requires significant amounts of energy. In order to offset a portion of its electricity requirements, Warehouse Inc. invests in a solar array with solar panels costing $500,000.
Immediate expensing will allow Warehouse Inc. to deduct its entire capital investment in the first year, as opposed to $125,000 under current rules, resulting in federal-provincial tax savings of about $100,000. These tax savings will allow Warehouse Inc. to invest in new forklifts for its warehouse.”
Can’t believe we’re saying this… but… thanks CRA!!
3. Get 20% cash back from SaskPower
SaskPower rebates $0.61 per watt, which works out to about 20% of your total system costs up to a maximum of $20,000.
I don’t know about you, but I could sure put that $20,000 to good use in my business!
4. Shield your company from rising energy costs
What if you could have locked in your power bill at the amount you paid 20 years ago? How much would you have saved?
With solar, you lock in your energy rate at a much lower cost than you’re currently paying with the grid for the lifetime of your system.
That means much lower and stable energy costs for the next 25+ years.
As a business owner, we know you want to do everything in your “power” to protect your business from any rising costs, because it affects your bottom line. Solar does just that.
5. Go green for the greater good
In Saskatchewan, we all know green is the colour, but football certainly isn’t the only green game!
Social and environmentally conscious shoppers are on the rise — so take a moment and ask yourself, how is my business doing in this area?
Advertising your green initiatives is good for business in 2019.
All in all, solar is an attractive investment for businesses that is good for the environment and saves money for 25+ years with immediate tax benefits.
It really is CLEANER. CHEAPER. POWER.
If you’re interested in powering your business with solar, request a free quote below and we’ll chat soon.
– Your friends at TruGreen Energy