Investment Tax Credit for Clean Technologies

Last updated: 10 December 2023

The 2022 Fall Economic Statement proposed a refundable tax credit of 30 per cent for clean technology investments made as of the day of Budget 2023, with a phase out starting in 2032, for investments in:

  • Electricity Generation Systems, including solar photovoltaic, small modular nuclear reactors, concentrated solar, wind, and water (small hydro, run-of-river, wave, and tidal).
  • Stationary Electricity Storage Systems that do not use fossil fuels in their operation, including but not limited to: batteries, flywheels, supercapacitors, magnetic energy storage, compressed air storage, pumped hydro storage, gravity energy storage, and thermal energy storage.
  • Low-Carbon Heat Equipment, including active solar heating, air-source heat pumps, and ground-source heat pumps.
  • Industrial zero-emission vehicles and related charging or re-fuelling equipment, such as hydrogen or electric heavy duty equipment used in mining or construction.

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