The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Canada’s budget includes energy storage tax credit in wave of cleantech investment

By Will Norman
LinkedIn
Twitter
Reddit
Facebook
Email

Canada will introduce tax credit incentives and invest in developing and manufacturing solar PV, energy storage and other renewable energy technologies in an Inflation Reduction Act-style scheme.

The Government of Canada has released its 2023 budget, which positions growing the clean economy as one of its core priorities, alongside healthcare and ‘affordability’. Under the budget, the government has confirmed the 30% refundable tax credit on investments made by taxable entities into clean energy technologies like solar, battery storage and wind. This builds on its first announcement in the Fall Economic Statement 2022 plan, which was covered on EnergyStorage.news.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

A 15% refundable tax credit for investments into clean electricity generation and energy storage by non-taxable entities – like indigenous communities and municipally-owned utilities – was announced as well.

It also proposes to introduce a 30% refundable tax credit for clean technology manufacturing, applying to investments into machinery and equipment used for manufacturing processes as well as extracting, processing and recycling critical materials to clean supply chains.

The US’ landmark IRA, which set aside huge credits for energy transition investment, has seen others like the EU – and now Canada – trying to follow suit and remain competitive. Details of the scheme are yet to be clarified.

To read the full version of this story including further details of the fiscal budget, go to PV Tech.

Read Next

March 27, 2024
The energy storage arm of EV supercar technology firm Rimac has opened its UK innovation and manufacturing facility, where it will build the first units of its SineStack BESS platform.
March 26, 2024
Canada utility Hydro-Quebec’s BESS technology arm EVLO Energy Storage has prioritised safety and quality while compromising on energy density, executives told Energy-Storage.news.
March 25, 2024
Andy Colthorpe takes soundings from key energy storage market players on their predictions for the industry in 2024, following a year of significant progress in 2023.
Premium
March 22, 2024
The rapid growth of the US market and risks it might face, and community engagement through the lens of Vistra’s latest big project.
March 21, 2024
There is a four-fold difference between how much energy storage the US Department of Energy (DOE) forecasted would be deployed by 2040 before the Inflation Reduction Act (IRA), and how much it now forecasts.

Most Popular

Email Newsletter