Do I Get Rebates On Investment Property?
If you are renting out a property to a tenant, you may be eligible for Renewable Energy Certificates (RECs) and the Federal Rebate.
The REC’s are deducted from the cost of the system, so you do not have to pay upfront. However, you need to apply for the $1000 Federal Government solar hot water rebate directly. It is designed for a principal place of residence. That means you cannot claim it if your property is used for holiday rental.
It us up to you to decide whether you are going to claim the $1,000 yourself or if you want to let your tenant do that.
Why would you let the tenant claim the rebate?
One of the criteria to receive the federal rebate is an income test. If you and your partner have had more than $100,000 taxable income in the last financial year, you will not be eligible for it.
That is the ideal opportunity to pass that rebate on to your tenants and let them claim it. You are not losing out, they are winning and it will be a lot easier to increase their rent by $10 a week.
That increase would repay you for putting solar hot water in. Your tenants are better off, because they receive the full rebate as cash now ($1,000), have the reduced energy costs and only have a rent increase of $500 per year.
Find Out Whether You Can Benefit From Solar Hot Water.
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One of our clients doubted that he could get the solar hot water rebate for his investment property. He took the trouble to call the Department of the Environment, Water,...
August 11th, 2008 at 3:41 pm
[...] of our clients doubted that he could get the solar hot water rebate for his investment property. He took the trouble to call the Department of the Environment, Water, Heritage and the Arts. The [...]