A neighborhood photo voltaic vitality specialist has obtained a authorities incentive following their innovation within the vitality sector.
Tax incentive consultancy Catax revealed that Merritt-based SEI logistics earned $39,463 in tax credit after creating a transportable photo voltaic panel that can be utilized in distant and harsh environments.
One of many major sources of funding offered by the Authorities of Canada to companies and organizations working on this sector is the Scientific Analysis & Experimental Improvement (SR&ED) program. This tax incentive for innovation permits companies to assert again the prices incurred in analysis and growth (R&D) exercise.
“Realizing we are able to depend on SR&ED has utterly fueled our complete method to innovation. The advantages it brings imply we’re investing extra in R&D than ever earlier than,” mentioned SEI Logistics CEO Eric Little.
“So making the most of the SR&ED program is a vital a part of our technique however, at first, it may be troublesome to measure what qualifies. The method is easy and we already know what to search for and report in order that we are able to seize each cent that we owe. It turns into an essential a part of how we value our initiatives and resolve which actions are price pursuing.”
The motivation is comprised of a mix of federal and provincial funding. Not all R&D-related prices may be included in a declare, though the primary qualifying prices embrace personnel prices, salaries, supplies, in addition to funds to contractors and third events.
SEI has been working within the renewable vitality sector since 2018. One of many major targets of the corporate is to make sure that photo voltaic panels can be utilized by those that reside and work in areas with environmental and geological challenges that make conventional that are vitality sources which might be troublesome to entry.
The corporate additionally had to make sure they could possibly be deployed wherever – a problem given that the majority photo voltaic arrays require cranes for set up. The corporate has developed a foldable, modular design to resolve this drawback, which isn’t one thing the photo voltaic trade has tried earlier than.
“SEI Logistics is doing essential work by making certain that individuals residing and dealing in a few of Canada’s most difficult environments have entry to a dependable and inexperienced vitality supply, and this expertise has the potential to extra so within the oil and fuel trade,” Richard Hoy, President of specialist R&D tax incentive consultancy Catax Canada mentioned.
“This can be a good instance of what SR&ED is designed to assist, advancing technical data within the battle towards local weather change, whereas additionally overcoming the every day challenges confronted by folks within the far north within the nation.”
Earlier than this growth, there have been no constructions with photo voltaic panels in Canada that might use a lot vitality, whereas nonetheless having the ability to function with out everlasting fixtures. This expertise has future makes use of past the oil and fuel trade.