The government has implemented a two-year tax exemption on a number of renewable energy products as they continue to push their BVI Going Green Initiative which aims to save the territory millions of dollars in the coming years.
Premier Andrew Fahie made the announcement during a recent press conference, where he listed a number of renewable energy products that will benefit from the recent amendments made to the Customs Management and Duties Act.
He listed six categories of renewable energy products that will benefit from the two-year tax exemption.
The categories include; Renewable Energy in Solar; Renewable Energy in Wind, Renewable Energy in Other Systems; Energy Storage; Energy Efficiency Equipment; and Transportation.
The tax exemption will end in 2023, at which time duties ranging from 2 percent to 10 percent will be charged on the respective renewable energy products.
The premier therefore encouraged residents to capitalise on the two-year initiative which could save them hundreds, if not thousands of dollars.
Persons urged to capitalise on initiative
He said, “I urge all our citizens to take advantage of the opportunity to save money by making full use of the two-year duty-free window with this Go Green initiative. Many persons may be doing renovations and repairs to their properties following the destruction caused by Hurricanes Irma and Maria. This is an opportunity to rebuild green and clean, and with modern technology – at significant savings to your pocket.”
“Transitioning to green, renewable energy is important for our environment. The global community has set a target of achieving net-zero carbon by 2035, and we in the Virgin Islands will not be exempted from this goal,” he further explained.
Premier Fahie said the 2035 target is essential for curbing the rise in Climate Change which has resulted in rising sea levels, an increase in catastrophic climate events such as hurricanes and floods, injury to sensitive species such as coral reefs and marine life, and more.