SEAI Invites submissions on new technologies for energy efficiency tax incentive
Media Information
23rd April 2010
Three technology categories added to successful Accelerated Capital Allowance (ACA) Scheme
The Sustainable Energy Authority of Ireland (SEAI) has announced that it is currently inviting submissions from members of the public on the new Accelerated Capital Allowances (ACA) equipment categories announced by the Government as part of the last Budget. The ACA is a tax incentive that encourages investment in energy efficient equipment. Introduced in 2008, it offers an attractive incentive whereby companies are allowed to write off 100% of the purchase value of qualifying equipment in the year of purchase.
The three new equipment categories included in the Scheme, which are now open to public consultation, are;
- Refrigeration and Cooling Systems
- Electro-mechanical Systems
- Catering and hospitality equipment
This adds to the seven existing categories and builds on a successful scheme that is helping companies choose more efficient and cost-effective equipment
Companies make direct savings on their tax liabilities and cash flow through the accelerated capital allowance available when purchasing efficient equipment. They then save again through the reduced running costs of the equipment over its lifetime.
Brian Motherway, chief operations officer, SEAI said; “The Accelerated Capital Allowances Scheme acts as an important incentive to companies to invest in energy efficient equipment and we welcome the Government’s ongoing commitment to this area with the extension of the Scheme to three new categories. We have seen very strong interest in the purchase of energy efficient equipment since the introduction of the Scheme in 2008. It is driving a genuine shift by business towards more energy efficient practices and investment.”
Equipment suppliers, specifiers, or other interested parties are invited to review documentation pertaining to the new categories outlined and submit their comments via the online comment form on the ACA website, www.seai.ie/aca before Friday 14th of May 2010.
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Editors Notes:
The Sustainable Energy Authority of Ireland (SEAI) has a mission to play a leading role in transforming Ireland into a society based on sustainable energy structures, technologies and practices. SEAI is financed by Ireland’s EU Structural Funds Programme co-funded by the Irish Government and the European Union.
The Accelerated Capital Allowance (ACA)
The ACA scheme currently covers a total of 29 different types of technology in 7 categories of equipment as follows:
- Building Energy Management Systems (BEMS)
- Lighting
- Motors and Drives
- Information and Communications Technology (ICT)
- Heating and Electricity Provision
- Process and Heating, Ventilation and Air-conditioning (HVAC) Control Systems
- Electric and Alternative Fuel Vehicles
Three new categories have also now been added;
- Refrigeration and Cooling Systems
- Electro-mechanical Systems
- Catering and Hospitality equipment
An invitation to submit eligible equipment from the new technology groupings will be given after the consultation period has concluded. Qualifying equipment will then be listed by the Sustainable Energy Authority of Ireland subject to it meeting the published eligibility criteria. The ACA website already lists over 5500 eligible products for the existing ACA categories.
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