Wind energy body recommends tax breaks for individual investors

Individuals and credit unions should be allowed to claim tax relief on investing in wind energy, the Irish Wind Energy Association (IWEA) has said.

In its pre-budget submission, IWEA said individuals should be allowed to claim tax relief for investing sums from €100 to €10,000 with local financial institutions and credit unions to be used for investment in certified renewable energy projects.

This would include the launch of new alternative incentive schemes with a five to seven-year return period.

The IWEA held its annual conference in Kilkenny yesterday. IWEA chief executive Kenneth Matthews said there was a lot of individual and community interest in wind energy, but limited opportunities to invest.

“ We are interested in creating more opportunities for members of the public and small investors as we believe this will help stimulate investment and economic growth.”

Mr Matthews said IWEA proposals would mirror moves in other countries such as the UK where crowd financing platforms for renewable energy projects have been oversubscribed by smaller non-traditional investors.

“There is a growing number of examples abroad of funds and funding platforms raising considerable amounts of money from people investing on average £5,000 and some as little as €100 in renewable projects.”