MOBISMART Clean Power Solutions is proud to provide quality products that qualify for the Clean Technology (Cleantech) Investment Tax Credit (ITC).
In June 2024, the Canadian government successfully passed Bill C-59, introducing four new refundable investment tax credits (ITCs) that have now become law. These promising measures are a significant step toward growing Canada’s clean economy. They maintain the country's competitiveness in attracting investment for clean energy projects while strengthening the renewable energy sector. Adopting these solutions is both environmentally beneficial and economically savvy.
Understanding the CleanTech Investment Tax Credit
The Cleantech ITC offers eligible taxable entities a refundable tax credit of up to 30% for investments in eligible property acquired and ready for use between March 28, 2023, and the end of 2033. For property available for use in 2034, the tax credit decreases to up to 15%. After 2034, no tax credit will be available.
Introduced as part of a broader initiative to foster clean energy adoption, the Cleantech ITC offers tax incentives to those investing in qualified clean technology, including solar panels, energy storage systems, and electric vehicle charging stations.
The Cleantech ITC also allows Canadian corporations to deduct a significant portion of the cost of installing these technologies from their federal taxes. These credits are considered as payments made by the taxpayer towards their taxes, and if there is no remaining tax owed for the year, the taxpayer will receive a refund. While the percentage and specifics can vary based on legislation updates, the primary aim remains constant: to make clean technology more accessible and financially feasible.
It's important to note that taxpayers can typically claim just one tax credit for acquiring an eligible property, even if it qualifies for multiple tax credits.
For more information, please visit the Government of Canada's Clean Technology Investment Tax Credit website.
How Mobismart can support you with your submission
MOBISMART Clean Power Solutions can be a valuable partner for customers looking to qualify for Canada’s Clean Energy Investment Tax Credits. Taking advantage of the ITC through MOBISMART Clean Power Solutions involves a straightforward process. Consult with MOBISMART's team to identify the best solutions for your needs. Once you have a tailored plan, the next step is installation, after which you can apply for the Cleantech ITC. With proper documentation and compliance, you can significantly reduce your federal tax liability. Here’s how MOBISMART can help your project qualify for the Cleantech ITC:
Qualifying Clean Energy Products: MOBISMART provides portable, clean power systems—such as solar generators, battery storage solutions, and mobile energy hubs—that meet the criteria for clean energy technologies outlined by Canada’s tax credit program. By using MOBISMART’s solutions, customers are likely to meet eligibility requirements for the tax credits.Comprehensive Project Documentation: One of the primary challenges with claiming tax credits is providing the necessary documentation to substantiate the clean energy investment. MOBISMART can support customers by offering detailed product information, cost breakdowns, , and installation data, which are essential for the tax credit application process.
By integrating MOBISMART’s clean power solutions and leveraging their knowledge and support, customers can achieve energy savings and sustainability goals and maximize their eligibility for Canada’s Clean Energy Investment Tax Credits.
Maximizing your investment's value with a tax credit consultant
While there is widespread enthusiasm for the incentives, understanding and navigating how to maximize the reimbursements for all new credits available can be daunting and time-consuming. Working with a knowledgeable tax credit consultant who can assist you with your documentation and submission can help to maximize the amount of funding your project can receive.
Guillaume Collin from Leyton says: The Cleantech ITC is a fantastic opportunity for Canadian companies to reduce their environmental footprint while receiving significant financial support. This credit notably covers the purchase of solar or wind power generation and storage systems, such as those offered by MOBISMART, and is available retroactively as of March 28, 2023. Working with a professional tax credit consultant like Leyton enables you to receive maximum refunds for your projects through the Cleantech ITC and the other refundable clean energy tax credits now available. The Cleantech ITC is available to all taxable Canadian corporations and can provide a return of up to 30% on the purchase price and any installation costs, giving you the double benefit of the credit combined with the reduced energy costs associated with adopting a clean energy source. Find out if you're eligible — Book a meeting with Leyton today.
Incorporating MOBISMART Clean Power Solutions into your energy strategy places you at the forefront of sustainable practices and offers a financial edge through the Clean Technology Investment Tax Credit. By choosing reliable, adaptable, and high-quality energy solutions, you’re contributing to a cleaner planet and making a smart financial decision.