110% Tax Refund Will Be Applied in Solar Panels in Italy

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Coming out of a long quarantine period, Italy continues to explain its economic packages. Within the scope of the “Eco-bonus” package that covers sustainable projects, 110% tax refund will be applied to those who want to have a solar panel installed on the roof of their house.

The Italian government was among those who experienced the results of the COVID-19 pandemic early. Scientists in Italy continue to work on the global crisis. The effects, results and scientists’ work of the pandemic will have affected the politicians that homeowners in Italy can now have clean energy on their roofs.

According to the report of the PV magazine; The Italian government has allocated 55 billion Euros of incentives through the Decree on Economic Incentive Measures to help revive the country’s economy while slowly removing the impact of the Covid-19 pandemic.

They can get 110% tax refund with eco-bonus
The new policy has already been shaped around the “eco-bonus” project, which includes tax refunds for some green projects. Building renovation projects focusing on sustainability will be able to receive 110% tax refund instead of 65% tax refund, and the installation and storage systems associated with these projects will receive 110% tax refund instead of 50%. If the project is not covered by qualified renovation, the tax refund will remain at 50%.

The eco-bonus project is part of the incentive package launched by the Italian government to revive the economy after the COVID-19 linked economic crash. The project will currently be valid between July 1, 2020 and December 31, 2021.

Also in the news in the PV Magazine; “The authorities will apply the 110% tax reduction to three types of renovation projects, including building insulation, replacement of cooling and heating systems in multi-unit apartments, and replacement of cooling and heating systems in single-family homes”. Building renovation projects that are not included in these categories will not be awarded a super eco-bonus, but will still have a 50% tax reduction.

There will be three ways for homeowners to benefit from the eco-bonus; through tax deductions for five years, tax-deductible allowance for plumbers and product suppliers, or through invoiced discounts.

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