Strong incentives have existed in Puerto Rico since 2008 for the manufacture of renewable energy equipment. Also, the island passed legislation promoting the generation of renewable energy, aimed at drastically cutting back its dependence on fossil fuels for its energy needs.
Acts 82 and 83 goal is to help the island meet its target of increasing the production of renewable energy. Through the Green Energy Fund (GEF), the Puerto Rico Energy Affairs Administration will offer cash rebates of up to 60 percent for individuals, and 50 percent for companies, on the cost of installing residential and industrial projects not exceeding 1 MW of capacity.
For companies dedicated to the production of renewable energy on a commercial scale, the new Incentives Act also provides tax benefits in the form of significant partial exemptions from income taxes, property taxes, and municipal taxes; super-depreciation of buildings, structures, machinery, and equipment; and eligibility for tax-credits related to the use of locally-manufactured products, job creation, and research and development.
Contact us to learn more about opportunities in the Renewable Energy sector.
Get to know the incentives for Renewable Energy.