Instant asset write-off increased to $150,000 for businesses

 

In response to businesses being negatively affected by the economic changes caused by COVID-19, as well the after-effects of the Australian bushfires, the Federal Government have released a $17.6 billion economic stimulus to support Australian businesses in this time of need.

commercial solar

One immediate change will be to increase the instant asset write-off; lifting the threshold to $150,000 (from $30,000) — and making more businesses eligible to use it.

The increase means businesses will be eligible to purchase equipment or investments such as solar power systems up to the cost of $150,000 and write them off as an instant tax deduction.

As stated in the Economic Response to the Coronavirus, only businesses that turnover less than $500 million will be eligible for this and the cut off date is 30th June 2020.

How solar power can reduce your overhead expenses

Reducing your businesses’ overhead costs is a smart move, whether you have or haven’t been negatively affected by the current economic fluctuations.

Today’s energy costs can be unpredictable and are typically on the incline, while solar power system costs are on the decrease.

By installing a solar power system, your business can;

  • Reduce its electricity expenses
  • Be protected against electricity price spikes
  • Reduce carbon emissions
  • Adopt sustainable energy practices
  • Increase the value and desirability of your commercial property

Given that most businesses operate during the day, which is when a solar power system is functioning at its best, installing a solar power system is a valuable investment that can benefit a business for 20+ years.

Interested in commercial solar for your small business?
Get in touch with CEC accredited installers local to your area and start comparing systems and prices

 

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Understanding Batteries

Off-Grid Systems

For some households a battery system can be of great benefit and minimise a home’s reliance on the grid. However, it’s important to understand for a battery to be useful your solar system needs to be generating excess energy for the battery to store, which you can then use at night or when the sun is not out.

When selecting a battery, you’ll want to invest in a system that is most suited to your home and can drive the best return on investment (ROI). Despite a larger upfront cost, a higher quality battery may significantly increase your ROI.

    Battery systems start from $6,000 and costs can vary greatly based on the following factors:

  1. Cycle Life-Time

    The number of times a battery can fully charge and discharge.

  2. Battery Power (kW)

    How fast it can be charged or discharged.

  3. Storage Capacity (kWh)

    The maximum amount of energy a battery system can store.

  4. Battery Management System (BMS)

    An electronic ‘smart’ system that gathers data and manages the battery ensuring it does not overload or operate outside of its safe functioning zone..

  5. Inverter

    Battery systems require their own inverter if your solar system does not have a hybrid inverter.

  6. 'All-In-One Unit’

    A system which includes the battery, BMS and an inverter all in one unit.

  7. Warranty

    Length of time or cycles the battery system is under guarantee.

  8. Blackout Protection/Backup

    It’s important to note this is not a common feature of a battery system and could cost thousands of dollars to include. Blackout protection not only requires additional components but also a specialised installation and rewiring. For grid-connected homes, the cost for blackout protection can outweigh the benefit.

Additionally, if your purpose for adding battery is to go Off-Grid and become completely independent from the grid you will need to ensure your solar system can generate enough energy to power your home and your battery system is large enough to store this energy. For homes in metro areas going Off-grid is not cost effective and is only recommended for those in remote areas with limited access to the grid. Off-grid solar systems with battery start at approximately $30,000.
 

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