Australian business owners or managers may be eligible to take part in the Australian government's Small Business Energy Incentive. That’s right - it’s now easier than ever for small businesses to improve their energy efficiency and capitalise on the benefits of being powered by renewable energy sources.
The Australian government is encouraging small businesses to decrease their energy use and manage energy cost volatility in the long run. This effort will significantly contribute to Australia's ambitious goal of achieving a 43% reduction in 2005 emission levels by 2030.
The Small Business Energy Incentive, which went into effect as of April 30, 2023, is designed to help entice businesses to lower their energy costs and do their part to help Australia reach its 2030 emission reduction target.
Qualified businesses will be entitled to an additional 20% tax deduction on expenditures that support electrification and more efficient energy use when they make the switch to products like batteries, heat pumps, and efficient appliances..
In order to be one of the 3.8 million small to medium-sized businesses eligible for this incentive, your business must have an annual turnover of less than $50 million.
The process of applying can be broken down into 5 steps:
For more information, check out the Australian Tax Office webpage.
With effective energy management, even small businesses can contribute to Australia's net zero target. Our energy brokers can guide you through the process of energy procurement from renewable sources, making your journey towards energy efficiency smooth and rewarding.
For more information about energy management and how your business can take advantage of the Small Business Energy Incentive, visit our website. We provide professional advice on how to effectively reduce your energy costs and contribute to a more sustainable Australia.