A neighborhood photo voltaic vitality specialist has acquired 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 most important sources of funding supplied 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 say again prices incurred in analysis and growth (R&D) exercise.
Catax offered SEI Logistics with a $39,463 examine. Photograph/SEI Logistics
“Realizing we are able to depend on SR&ED has utterly fueled our whole strategy to innovation. The advantages it brings imply we’re investing extra in R&D than ever earlier than,” stated SEI Logistics CEO Eric Little.
“So benefiting from 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 file in order that we are able to seize each cent that we owe. It turns into an vital a part of how we value our initiatives and resolve which actions are price pursuing.”
The motivation is comprised of a mixture of federal and provincial funding. Not all R&D-related prices might be included in a declare, though the principle 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 most important targets of the corporate is to make sure that photo voltaic panels can be utilized by those that dwell and work in areas with environmental and geological challenges that make conventional that are vitality sources which are troublesome to entry.
The corporate additionally had to make sure they might be deployed anyplace – a problem given that almost all photo voltaic arrays require cranes for set up. The corporate has developed a foldable, modular design to unravel this drawback, which isn’t one thing the photo voltaic business has tried earlier than.
“SEI Logistics is doing vital work by making certain that folks dwelling 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 gasoline business,” Richard Hoy, President of specialist R&D tax incentive consultancy Catax Canada stated.
“It is a excellent instance of what SR&ED is designed to assist, advancing technical data within the battle in opposition to local weather change, whereas additionally overcoming the each day challenges confronted by folks within the far north within the nation.”
Earlier than this growth, there have been no buildings with photo voltaic panels in Canada that might use a lot vitality, whereas nonetheless with the ability to function with out everlasting fixtures. This expertise has future makes use of past the oil and gasoline business.
