There are many initiatives currently at work to develop the renewable energy areas of Trinidad and Tobago, but the Ministry of Energy and Energy Affairs believes that this change must also be met and propelled by companies and citizens of our country. While we are developing policies and public relations to begin opening up the country’s mind to alternative forms of energy and weaning/slowing our dependence on oil and natural gas, we already have put in place initiatives that can get us there even faster.
When it comes to import concessions, the Government of Trinidad and Tobago has exempted from import duties and VAT (with conditions) the following items:
– Solar Water Heaters (when imported from a CARICOM source)
– Solar PV cells (whether or not assembled into modules or panels)
– Wind Turbines and related equipment
For companies, there is the Wear and Tear allowance on 150% of the cost of acquiring the plant, equipment, parts and materials used for the construction of Solar Water Heaters.
This 150% Wear and Tear allowance also extends to cost of acquiring complete Solar Water Heaters, Solar PV systems and Wind Turbines.
There are other incentives like the 25% tax credit for Solar Water Heaters purchased by households (up to max. $10,000) and the 75% Wear and Tear allowance for equipment purchased for energy audits by certified Energy Service Companies (ESCOs)
For further information on these or any initiatives, you can send us a private message on Facebook at: facebook.com/myenergytt