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Solar X ITC Press Release

Solar X Applauds Canada’s New Clean Technology Investment Tax Credit

The Clean Technology ITC will dramatically improve the return on commercial solar investments while promoting energy affordability and resiliency.

TORONTO — June 23, 2024 — Solar X, Canada’s leading private residential and commercial solar installation contractor specializing in aesthetically pleasing and long-lasting systems, is pleased to support the passage of Bill C-59 and the official implementation of Canada’s long-awaited Clean Technology Investment Tax Credit (Cleantech ITC), which will support the nations’ growing renewables sector across all provinces and territories.

Officially known as An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023, and certain provisions of the budget tabled in Parliament on March 28, 2023, Bill C-59 offers ‘eligible’ recipients — including commercial property owners — up to a 30% refundable tax credit on solar energy systems, among other clean technologies.

The legislation is being touted by the federal government as an investment to support the competitiveness of Canadian cleantech and is largely seen as a response to the U.S. Inflation Reduction Act.

“Investment tax credits are proven mechanisms that have been used all over the world to stimulate renewable energy growth in a cost-effective and sustainable manner,” said Bilal Jarmakani, Managing Director of Solar X. “By helping reduce upfront costs, the Cleantech ITC will promote further solar adoption in Canada, ensuring we protect our nation’s clean energy advantage in the years to come.”

The Cleantech ITC is available now through 2034 and will be key to maintaining momentum for Canada’s decarbonization strategy in the wake of the Greener Home Grant’s closure, which offered up to $5,000 for residential upgrades and $40,000 in interest-free financing.

“If Canada is to deliver on its decarbonization commitments, we’ll need to install 10x more solar and other renewables by 2050,” said Anthony T of Solar X. “The Clean Technology ITC, by offering billions in subsidies to advance renewable energy, will be instrumental in helping meet this goal and ensuring Canada continues to see healthy economic growth.”
In addition to solar photovoltaics, the Cleantech ITC applies to wind, water, and geothermal energy installations, as well as stationary battery storage, heat pumps, zero-emission vehicles, concentrated solar energy, and small modular nuclear reactors.
Claims and payments will be administered by the Canada Revenue Agency (CRA). Natural Resources Canada (NRCan) maintains responsibility for qualifying clean technology guidelines.

About Solar X

Solar X is Canada’s leading private residential and commercial solar installation contractor specializing in aesthetically pleasing and long-lasting solar energy systems. Based in Toronto, Solar X is dedicated to providing innovative and sustainable energy solutions that help reduce carbon footprints and energy costs. With a commitment to quality execution and customer satisfaction, Solar X combines cutting-edge technology with leading installation services. For more information, visit www.solar-x.ca

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